Government Pension Fund Global

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1 Government Pension Fund Global Annual report 218 Oslo, 27 February 219

2 8,256 billion kroner in the fund Market value as at Billions of kroner 9, Value Percentage share 8,256 9, 8, Equity investments 5, Real estate investments , 7, 6, Fixed-income investments 2, , 6, Fixed income 5, 4, 5, 4, Real estate 3, 3, Equity 2, 2, 1, 1,

3 Inflow again in 218 Before management fees. Billions of kroner Inflow/outflow Average inflow since

4 3,666 billion kroner in total return As at Billions of kroner 9, 1,263 9, 8, 8, 7, 7, 6, 5, 3,666 6, 5, Krone rate 4, 3, 4, 3, Return 2, 1, 3,327 2, 1, Inflow (after management costs) -1, , 4

5 Return of -485 billion kroner in 218 Accumulated return as at Billions of kroner 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 3,666 4,5 4, 3,5 3, 2,5 2, 1,5 1,

6 -6.1 percent return in 218 Measured in the fund s currency basket. Percent % Annual return % -1 Accumulated annualised return since Q % % Since %

7 -9.5 percent in equity return in 218 Measured in the fund s currency basket. Percent Aksjer -1-1 Eiendom Equity investments 19.4% -9.5% Fixed-income investments 3.3%.6% Unlisted real estate investments 7.5% 7.5% Totalt 13.7% -6.1% Renter 7

8 The fund s real return Key figures measured in the currency basket. Annualised. Percent 218 Past 5 years Past 1 years Since Return on fund Annual inflation Annual management fees Annual net real return

9 226 billion kroner in cash flow Billions of kroner Fixed income Unlisted real estate Equity

10 Negative relative return in 218 Annual relative return of the fund. Percentage points Annual relative return.25% Q % % -.3% Accumulated annualised relative return -4 Since %

11 Negative contribution from all strategies in 218 Contribution. Since 213 figures are annualised. Percentage points Strategy Since 213 Fund allocation Security selection Asset management Total

12 Expected value fluctuations Expected volatility. Billion kroner (left axis) and percent (right axis) Risk measured in kroner Risk measured in percent Dec Dec Dec

13 Value fluctuations in a longer perspective Billion kroner (left axis) and percent (right axis) Risk measured in percent (left axis) Risk measured in kroner (right axis)

14 Financial markets in

15 Equity markets in 218 Measured in USD. Indexed ( = 1) FTSE Global All Cap (global) Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Source: Bloomberg 15

16 Equity markets in 218 Measured in USD (Stoxx in EUR). Indexed ( = 1) FTSE Global All Cap (global) S&P 5 (USA) MSCI Asia Pacific (Asia) Stoxx Europe 6 (Europe, EUR) 85 FTSE Global All Cap (global) S&P 5 (USA) MSCI Asia Pacific (Asia) Stoxx Europe 6 (Europe, EUR) Stoxx Europe 6 (Europe, USD) 4Q % -13.5% -11.1% -11.5% -12.8% % -4.4% -13,.% -1.3% -14.6% 8 8 Dec-17 Mar-18 Jun-18 Sep-18 Dec Stoxx Europe 6 (Europe, USD) Source: Bloomberg 16

17 Equity markets in 218 and year-to-date Measured in USD (Stoxx in EUR). Indexed ( = 1). As at FTSE Global All Cap (global) S&P 5 (USA) Dec-17 Mar-18 Jun-18 Sep-18 Dec MSCI Asia Pacific (Asia) Stoxx Europe 6 (Europe, EUR) Stoxx Europe 6 (Europe, USD) Source: Bloomberg 17

18 Emerging equity markets in 218 Measured in USD. Indexed ( = 1) FTSE All Cap FTSE EM 4Q % -6.1% % -13.2% FTSE All Cap FTSE EM Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Source: Bloomberg 18

19 Emerging equity markets in 218 and year-to-date Measured in USD. Indexed ( = 1). As at FTSE All Cap FTSE EM Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 8 Source: Bloomberg 19

20 Different stock sectors in 218 Measured in USD. Indexed ( = 1) 13 Health care Utilities Oil and gas Consumer goods Basic materials Q %.5% -21.1% -1.9% -13.8% % 1.% -13.8% -15.1% -16.5% 12 Basic materials Consumer goods 1 1 Utilities Health care 9 9 Oil and gas 8 8 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Source: FTSE 2

21 Different stock sectors last five years Measured in USD. Indexed ( = 1) 275 Technology Health care Utilities Telecommunications Oil and gas % 2.3% 1.% -1.% -13.8% 5 years (annualised) 12.7% 8.7% 6.3%.1% -4.8% Technology 2 2 Health care Utilities Telecommunications Oil and gas Source: FTSE 21

22 Development 1-year government bond yields Percent US Germany Japan UK Italy Spain Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Source: Bloomberg 22

23 Still large holdings with negative rates Percent of fixed-income investments Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 23

24 Currency markets in 218 Measured against USD. Indexed ( = 1)* EUR 1 1 GBP JPY 95 EUR GBP JPY 95 4Q % -2.3% 3.5% % -5.9% 2.7% 9 9 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 * Declining curve indicates weaker exchange rate against USD Source: WM Reuters 24

25 Currency markets in 218 Emerging markets. Measured against USD. Indexed ( = 1)* BRL RUB MXN CNY TRY 4Q % -5.6% -5.%.2% 12.9% % -17.% -.7% -5.2% -28.7% Brazil Russia Mexico China Turkey 5 5 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 * Declining curve indicates weaker exchange rate against USD Source: WM Reuters 25

26 The real estate portfolio Billions of kroner Listed real estate investments Unlisted real estate investments

27 Annual real estate investments Billions of kroner Disposals New investments Total

28 New real estate investments in 218 Office and retail Location Share (percent) Transaction amount (local currency) Transaction amount (NOK) 3 Warwick Street 25. GBP 28.8 million.3 billion 6 Holborn Viaduct 1. GBP million 3.4 billion rue la Boétie 1. EUR million 4 billion 79 avenue des Champs-Elysées 1. EUR 613. million 6 billion 51 Boylston Street 49.9 USD 29.9 million 2.5 billion 121 Seaport Boulevard 45. USD 24.8 million 1.7 billion 28

29 New real estate investments in Warwick Street, London 6 Holborn Viaduct, London rue la Boétie, Paris 79 avenue des Champs-Elysées, Paris 51 Boylston Street, Boston 121 Seaport Boulevard, Boston 29

30 Responsible investment 218 Environmental Social Governance 3

31 Stable internal management costs Management cost. Basis points Management cost 8 8 Internal management costs Internal management costs, excl. unlisted real estate

32 Costs Millions of kroner Salary, social security and other personnel-related costs 1,262 1,325 Custody costs IT services, systems, data and information Other costs Base fees to external managers Management fee excl. performance-based fees 3,872 3,84 Performance-based fees to external managers Management fee 4,544 4,728 32

33 Published on website 27 February Holding list GIPS report Monthly returns Main external service providers Overview of external managers Detailed tables on return and risk Approved issuers of government bonds 33

34 Public information available on our website Submissions to the Ministry of Finance Investment advice Discussion notes Analyses that may form the basis for the fund s investment strategy and advice to the Ministry of Finance Asset manager perspectives The fund s views and reflections on issues topical for the financial industry Expectations documents The fund s expectations to companies regarding specific focus areas Position papers Public reports The fund s position on specific ownership topics 34

35 Highlights The return was -6.1 percent in 218 Equity -9.5 percent Unlisted real estate 7.5 percent Fixed income.6 percent The return on the fund was -485 billion kroner The return on equity and fixed-income investments was.3 percentage point lower than the return on the benchmark index The market value of the fund fell to 8,256 billion kroner Asset allocation at the end of the year Equity 66.3 percent Unlisted real estate 3. percent Fixed income 3.7 percent 35

36 Government Pension Fund Global Annual report 218

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