Government Pension Fund Norway (discontinued), 2nd half-year 2002

At the end of 2002, "Loans to the central government" made up 59.2 per cent of the National Insurance Scheme Fund's total capital. The second largest were "Bonds", with a share of 18.5 per cent of the fund's total capital. "Shares and other equities" amounted to 16.4 per cent. The fund may own shares and other equity instruments for up to 20 per cent of the Fund's total capital.

Low risk investments

The Fund's investment policy focuses on combining long-term perspective with a risk profile that implies that the return achieved will show less pronounced annual fluctuations than the reference index. Thus, the Fund will tend to show returns below the index performance in years with particularly high growth in share prices. The returns, however, will be higher in years with a less positive stock market performance, as has been the case in recent years. During the last ten years, the Fund achieved an average annual return of 9.1 per cent, which is 1.5 per cent higher the all-share index on Oslo Stock Exchange.

Tables:

• Table 1 National Insurance Scheme Fund. Balance sheet. 31 December 1997-31 December 2002. Million NOK
• Table 2 National Insurance Scheme Fund. Bonds and shares and other equity by debtor sector. Million NOK