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Articles 1999-2006
Published in 2006
Published in 2005
Published in 2004
- Results of six years of active management (June 2004)
- Highest possible excess return at lowest possible risk (june 2004)
- Exercising ownership rights (June 2004)
- Our experience with external active equity managers (May 2004)
Published in 2003
- 103 years in the capital markets (August 2003)
- Investments in a turbulent credit market (June 2003)
- Costs associated with large equity trades (June 2003)
- Measuring and managing market risk (June 2003)
Published in 2002
- Is it wise for the Petroleum Fund to become a major owner? (June 2002)
- Non-Government-Guaranteed Bonds in the Petroleum Fund (May 2002)
From 2002, the Government Petroleum Fund will be investing a large portion of the portfolio in non-government bonds. The benchmark index initially held only government bonds, but bonds not guaranteed by a government will gradually be added. This article considers the background to the change.
- From passive to enhanced index management of equities. (April 2002)
In 2001, Norges Bank transferred substantial equity portfolios from external to internal management. This article describes why and how Norges Bank has changed its index management of equities.
- Developments in the international market for investment management services (March 2002)
This article presents a summary of developments observed over the past few years. It also provides an assessment of the Bank’s future purchases of products from external managers.
Published in 2001
- A national strategy for investing resource wealth - Presentation to the BSI Gamma Foundation Conference on Global Asset Management (15 November 2001)
- Challenges associated with portfolio and risk management (May 2001)
This article describes the most important administrative and management functions of the operational management of the Petroleum Fund
- Equity investment in new countries (May 2001)
This article outlines the criteria underlying the decision to expand equity investments to include new markets, and describes the settlement and clearing systems used in the emerging markets, as well as the markets' size and liquidity
- Relationship between size, cost and return performance in investment management (May 2001)
Extensive data from large North American pension funds show that management costs are lower, as measured by the proportion of capital under management, for larger funds.
- Management strategy of large foreign funds (May 2001)
This article presents key strategy choices made by other large funds, with particular focus on US pension funds.
Published in 2000
- Strategy for achieving the best possible performance (May 2000)
This article presents the main elements of Norges Bank's strategy for surpassing the performance of the benchmark portfolio.
- Performance measurement methodology (April 2000)
The total performance of the Government Petroleum Fund is measured with a high degree of precision. An important precondition for this is that the quality-checked market value of the Fund is always calculated when new capital is added.
- Can index performance be achieved through index management? (April 2000)
Even if a manager consistently trades securities in accordance with a benchmark index, the return achieved will normally be lower than the index return because of the transaction costs.
- Tracking error as a measure of market risk (April 2000)
The Ministry of Finance has defined a clear mandate for Norges Bank’s management of the Government Petroleum Fund. A benchmark portfolio of specified equities and bonds constitutes an important management and measurement tool
Published in 1999
- Market developments in 1998 - long-term perspective (Mars 1999)
- The composition of the Government Petroleum Fund’s portfolio (March 1999)
- Equity investments and choice of external equity managers (March 1999)
- Risk management for the Petroleum Fund (March 1999)
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