北欧养老基金NBIM分析报告-培训课件外文版2024.4

INDUSTRIES

&

MARKETSPensionfundsintheNordicswithafocusonNBIMCHAPTER

01PopulationTotalpopulationinDenmarkfrom2014to2024,byagegroup(inmillions)TotalpopulationinDenmark2014-2024,byagegroup0-19years20-39years40-59years60-79years80yearsandolder7.06.05.04.03.02.01.00.00.291.250.30.321.280.260.261.210.270.281.240.250.240.231.130.241.151.271.21.231.171.191.541.51.541.531.531.551.561.561.471.561.551.481.551.391.551.41.561.561.421.441.461.471.331.321.311.311.311.31.31.291.361.31.29201420152016201720182019202020212022202320244Description:Overthepastdecade,theDanishpopulationgraduallygrewolder.Whiletherewerearound230,000inhabitantsaged80yearsorolderin2014,thisgroupcountedover320,000peopleatthebeginningof2023.Thelargestagegroup,however,wereDanesbetween20and39yearsofage,countingover1.55millionpeoplethatyear.ReadmoreNote(s):Denmark;2014to2024Source(s):StatisticsDenmarkPopulationofIcelandfrom2013to2023,byagegroupPopulationofIceland2013-2023,byage0-19years20-39years40-59years60-79years80yearsandolder450,000400,000350,000300,000250,000200,000150,000100,00050,0000201320142015201620172018201920202021202220235Description:ThepopulationinIcelandincreasedsteadilyoverthepast10years.Ofthe387,758peoplelivinginIcelandatthebeginningof2023,peoplebetween20and39yearsofagemadeupthelargestagegroup.Thesecondlargestagegroupwasthoseaged40to59years.Above13,000peopleaged80yearsormoreliveinIceland.TheIcelandicpopulationconsistsofmorementhanwomen.

ReadmoreNote(s):Iceland;2013to2023;Populationaccordingto1JanuaryeachyearSource(s):StatisticsIcelandPopulationinNorwayfrom2013to2023,byagegroup(inmillions)PopulationinNorway2013-2023,byagegroup0-24years25-34years35-44years45-69years70-79years80yearsandolder6.05.04.03.02.01.00.00.250.480.40.40.240.450.240.460.230.440.380.380.230.420.360.360.340.340.320.320.310.311.71.651.671.671.691.611.621.631.571.591.540.730.760.720.70.710.710.710.720.70.70.70.710.750.710.750.720.670.720.680.730.740.751.591.61.61.61.611.61.61.591.581.571.58201320142015201620172018201920202021202220236Description:Thenumberofpeoplebetweenzeroand24yearsincreasedinNorwayfrom2012to2017,buthassincedecreased,fallingto1.58millionin2023.Meanwhile,boththenumberofpeoplebetween45and69,and70to79yearsofageincreasedsteadilyoverthelastdecade.In2012,therewere1.51millionpeoplebetween45and69yearslivinginNorway,anumberthathadincreasedto1.7millionby2023.

ReadmoreNote(s):Norway;2013to2023;AsofJanuary1eachyearSource(s):StatisticsNorwayPopulationinSwedenin2023,byagegroup(in1,000s)PopulationinSweden2023,byagegroupInhabitantsinthousands02004006008001,0001,2001,1731,4001,6000-9years10-19years20-29years30-39years40-49years50-59years60-69years70-79years80-89years90-99years100+years1,2431,2351,4961,3001,3431,1311,01950910037Description:In2023,peoplefrom30to39yearsofagemadeupthelargestagegroupinSweden.Therewerenearly1.5millionpeoplewhobelongedtothisagegroup.Peopleaged50to59yearsmadeupthesecondlargestagegroupinSweden,followedbypeoplebetween40and49years.Moreover,therewerenearly1.2millionchildrenbetweenzeroandnine,and3,000peopleaged100yearsormore.

ReadmoreNote(s):Sweden;2023Source(s):StatisticsSwedenTotalpopulationofFinlandfrom2017to2022,byagegroupPopulationofFinlandin2017-2022,byagegroup0-19years20-39years40-59years60-79years80yearsandolder1,600,0001,400,0001,200,0001,000,000800,000600,000400,000200,00002017201820192020202120228Description:In2022,thetotalpopulationofFinlandamountedtoroughly5.56million.Thelargestagegroupswere20to39year-olds(1.39million),and40to59year-olds(1.38million),whichmadeupoverhalfofthepopulation.

ReadmoreNote(s):Finland;2017to2022;AsofDecember31Source(s):StatisticsFinlandCHAPTER

02DemographictrendsEmploymentgrowthforecastintheNordiccountriesfrom2021to2026,bycountry(comparedtoEUaverage)EmploymentgrowthforecastintheNordics2021-2026,bycountryAnnuallaborforcegrowthrate0.6%

0.8%0.0%Norway0.2%0.4%1.0%1.2%1.2%1.4%DenmarkFinland1%0.9%Iceland0.8%Sweden0.8%EUaverage0.2%10Description:ThegrowthofthelaborforceisexpectedtobearoundonepercentinallfiveNordiccountrieswithinthenextfiveyears,whichishigherthantheEUaverageof0.2percent.Norway'sworkforceisexpectedtogrowthemost,whereasIceland'sandSweden'sareexpectedtogrowtheleast.ReadmoreNote(s):Denmark,Finland,Iceland,Norway,Sweden;2021;*NumbersforIcelandnotavailable.ReadmoreSource(s):CedefopEmploymentgrowthforecastintheNordiccountriesfrom2021to2026,byagegroupsEmploymentgrowthforecastintheNordics2021-2026,byagegroupsAnnuallabporforcegrowthrateSwedenNorway2.0%2%Iceland2.5%FinlandDenmark3.0%0.0%0.5%0.3%1.0%1.5%3.5%4.0%4.5%5.0%15-241.4%1.9%0.8%0.4%0.9%25-4950-640.6%0.7%1.2%0.9%1.7%0.1%0.6%0.8%1.8%4.3%64orolder3.6%3.2%1.6%11Description:Theshareofthelaborforceaged64yearsormoreisexpectedtogrowthemostinallNordiccountriesexceptSwedenwithinthenextfiveyears.ThegrowthisexpectedtobehighparticularlyinNorway,Iceland,andFinland.InSweden,theshareofthelaborforcebetween15and24yearsofageisexpectedtogrowthemost.ReadmoreNote(s):Denmark,Finland,Iceland,Norway,Sweden;2021Source(s):CedefopEconomicallyinactivepopulationintheNordiccountriesin2022,bygenderEconomicallyinactivepopulationintheNordics2022,bygenderMenWomen25%22.2%21.9%21%19.4%20%15%10%5%18.7%17.3%17.1%15.8%14.5%11%0%DenmarkFinlandIcelandNorwaySweden12Description:TheshareofeconomicallyinactivepersonsishigheramongwomenthanamongmeninallfiveNordiccountries.InNorway,Finland,andDenmark,theshareisover20percentforwomen,whereasitislowerinSwedenandIceland.TheinactivityrateintheNordiccountriesislowerthaninmanyotherEuropeancountries.ReadmoreNote(s):Denmark,Finland,Iceland,Norway,Sweden;2022;15-64yearsSource(s):ILOCHAPTER

03ValueofpensionassetspercountryValueoffinancialassetsofpensionfundsinSwedenasof2ndquarterof2023,byassettype(inmillionSwedishkronor)FinancialassetsofpensionfundsinSwedeninQ22023,byassettype6,000,0005,000,0004,000,0003,000,0002,000,0001,000,00005,673,2201,219,344186,142126,421Loans46,869EquityandinvestmentfundsharesDebtsecuritiesCurrencyanddepositsOtheraccountsreceivable14Description:ThetotalvalueofequityandinvestmentfundsharesownedbypensionfundsinSwedenamountedtoroughly5.7trillionSwedishkronorin2023.Thetotalfinancialassetsofpensionfundsheldindebtsecuritiesreachedavalueofroughly1.2trillionSwedishkronorthatyear.ReadmoreNote(s):Sweden;Q22023Source(s):OECDValueoffinancialassetsofpensionfundsinNorwayasofthe2ndquarter2023,byassettype(inmillionNorwegiankroner)FinancialassetsofpensionfundsinNorwayinQ22023,byassettypeAssetsinmillionNorwegiankroner0200,000400,000600,000800,0001,000,0001,200,0001,400,000EquityandinvestmentfundsharesDebtsecurities1,206,585707,936Loans134,774CurrencyanddepositsOtheraccountsreceivable25,529100,57815Description:ThetotalvalueoffinancialassetsofpensionfundsinNorwayasofthesecondquarterof2023,exceededtwotrillionNOK.Thetotalvalueofdebtsecuritiesownedbypensionfundsamountedtoapproximately708billionNorwegiancrownsin2023.Afurther1.2trillionNOKwereheldasequityandinvestmentfundshares.ReadmoreNote(s):Norway;Q22023Source(s):OECDValueoffinancialassetsofpensionfundsinIcelandinthe3rdquarterof2023,byassettype(inmillionIcelandiccrowns)FinancialassetsofpensionfundsinIcelandinQ32023,byassettypeAssetsinmillionIcelandiccrowns0200,000400,000600,000800,0001,000,0001,200,0001,400,000EquityandinvestmentfundsharesDebtsecurities1,155,401.6778,375Currencyanddeposits438,099.7Loans

147.716Description:Asof2023,thetotalvalueofdebtsecuritiesownedbypensionfundsinIcelandamountedtoapproximately2.4trillionIcelandiccrownsatthattime.Thetotalfinancialassetsofpensionfundsheldinequityandinvestmentfundsharesreachedavalueofroughly1.15trillionIcelandiccrownsinIcelandasof2023.ReadmoreNote(s):IcelandSource(s):OECDValueoffinancialassetsofpensionfundsinFinlandasofthe3rdquarter2023,byassettype(inmillioneuros)FinancialassetsofpensionfundsinFinlandinQ32023,byassettypeAssetsinmillioneuros1,00005001,5002,0002,5003,000CurrencyanddepositsEquityandinvestmentfundsharesDebtsecurities2,7631,981586Otheraccountsreceivable10417Description:ThetotalvalueoffinancialassetsofpensionfundsinFinlandasofthethirdquarterof2023,wasbrokendownbyassettype.Thetotalvalueofequityandinvestmentfundsharesownedbypensionfundsamountedtounder1.9billioneurosatthattime.Thetotalfinancialassetsofpensionfundsheldindebtsecuritiesreachedavalueof586millioneurosinFinlandasof2023.ReadmoreNote(s):Finland;Q32023Source(s):OECDValueoffinancialassetsofpensionfundsinDenmarkasofthe2ndquarter2023,byassettype(inmillionDanishkroner)FinancialassetsofpensionfundsinDenmarkinQ22023,byassettypeAssetsinmillionDanishkroner0100,000200,000300,000400,000500,000600,000700,000800,000900,0001,000,000EquityandinvestmentfundsharesDebtsecurities870,157702,244CurrencyanddepositsLoans72,48968,247Otheraccountsreceivable14,83818Description:ThetotalvalueofdebtsecuritiesownedbypensionfundsinDenmarkamountedtoover702billionDanishkronerinthesecondquarterof2023.Thetotalfinancialassetsofpensionfundsheldinequityandinvestmentfundsharesreachedavalueofmorethan870billionDanishkronerinthesameyear.ReadmoreNote(s):Denmark;Q22023Source(s):OECDCHAPTER

04NBIMassetsAssetallocationofNorgesBankInvestmentManagement(NBIM)from1998toJune2022,byassetclass(inbillionU.S.dollars)InvestmentallocationofNorgesBankInvestmentManagement1998-2022RenewableenergyinfrastructureRealestateFixedincomeEquity1,6001,4001,2001,00080060040020001998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

202220Description:ThemarketvalueofinvestmentsoftheNorwegiansovereignwealthfundNorgesBankInvestmentManagement(NBIM)increasedconsiderablybetween1998and2022,reachingapeakofroughly1.34trillionU.S.dollarsin2021.Asof2022,NBIMhad880billionU.S.dollarsinvestedinequities,whilethevalueoffixed-incomeinvestmentsstoodat346billionU.S.dollars.Thefirsttimethesovereignwealthfundinvestedinrealestatewasin2011,andthefunddidnotinvestinrenewable[...]ReadmoreNote(s):Worldwide,Norway;1998toJune30,2022Source(s):NorgesBankAssetundermanagement(AUM)oftheNorwayGovernmentPensionGlobalinNorwayfrom2020to2022,byassettype(inmillioneuros)AUMoftheNorwayGovernmentPensionGlobalinNorway2020-20222020202120221,000,000800,000600,000400,000200,0000-200,00021Description:In2022,theNorwegiafund,NorwayGovernmentPensionGlobal,primarilyallocatedassetstoequitysecurities.Assetallocationtobondsrankedsecond,withroughly370billioneurosbeingallocatedtobondsacrossfivedifferentcategories.Theleveloftotalassetallocationremainedrelativelystablethroughoutthethree-yeartimeperiod,withtheNorwayGovernmentPensionGlobalmanagingassetsofroughly1.2trillioneurosasofDecember2022.

ReadmoreNote(s):Norway;December2020toDecember2022Source(s):ExeleratingPortionofportfolioassetallocationoftheNorwayGovernmentPensionGlobalinNorwayfrom2020to2022,byassettypePortfolioallocationoftheNorwayGovernmentPensionGlobalinNorway2020-202220202021202280%70%60%50%40%30%20%10%0%-10%22Description:FromDecember2020toDecember2022,theportfolioallocationofthepublicpensionfundNorwegianGovernmentPensionGlobalremainedrelativelystable.Bondsaccountedforroughly26percentoftheportfolioallocationin2020.Thisamounthadaslightincrease,risingto31percentby2022.Fromtheoverallgrowthinportfolioallocationtobonds,governmentbondshadafourpercentincrease.ReadmoreNote(s):Norway;December2020toDecember2022Source(s):ExeleratingCHAPTER

05AssetsofleadingNordicfundsLargestpensionfundsintheNordicsin2022,byassetsundermanagement(inbillioneuros)LargestpensionfundsintheNordics2022,byaumAUMinbillioneuros40002006008001,0001,2001,185.51,400NorwayGovernmentPensionFundGlobal-NorwayAlectapensionsförsäkring,ömsesidigt-SwedenPFA-Denmark101.9290.35DanicaPension-Denmark86.29SjundeAP-fonden(AP7)-SwedenKommunalLandspensjonskasse(KLP)-NorwayKeva-Finland85.3262.4762.2456.2656.2Ilmarinen-FinlandVarma-Finland49.56AMFPensionsförsäkringAB-Sweden24Description:Asof2022,themonetarydiscrepancyinassetsundermanagement(AUM)betweenthelargestNordicpensionfundandthenexthighest-rankingfundswasnotablylarge.TheNorwayGovernmentPensionFundGlobal,ownedbytheNorwegiangovernment,comprisestwoseparatesovereignwealthfundsmanagedassetsamountingtooveronetrillioneuros.Thenexthighest-rankingfundbyAUMwastheSwedishAlectapensionsförsäkring,ömsesidigt,withmanagedassetsexceeding[...]

ReadmoreNote(s):Denmark,Finland,Iceland,Norway,Sweden;2023Source(s):ExeleratingAssetsundermanagement(AUM)oftheAlectapensionsförsäkring,ömsesidigtpensionfundinSwedenfrom2019to2022,byassettype(inmillioneuros)AUMoftheAlectapensionsförsäkring,ömsesidpensionfundSweden2019-2022201920202021202260,00050,00040,00030,00020,00010,0000DebtsecuritiesSharesAlternativeinvestments25Description:Asof2022,theSwedishpensionfund,Alectapensionsförsäkring,ömsesid,primarilymanagedassetsthroughdebtsecuritiesandshares.Theportfolioreacheditspeakvaluein2021,totalingover97billioneuros,withroughlyhalfofthisamountbeingmanagedthroughdebtsecurities.ReadmoreNote(s):Sweden;December2019toDecember2022Source(s):ExeleratingAssetundermanagement(AUM)ofthePFApensionfundinDenmarkfrom2019to2022,byassettype(inmillioneuros)AUMofthePFApensionfundinDenmark2019-2022,byassettype201920202021202260,00050,00040,00030,00020,00010,0000InvestmentassetsrelatedtomarketrateproductBondsDerivativesInvestmentpropertiesEquityinvestmentsLoansDepositswithEquityUnittrustcertificatescreditinstutions

investmentsinassociates26Description:From2019to2022,thelevelofassetsallocatedtoequityinvestmentsbytheDanishpensionfund,PFA,decreasedfromroughlythreebillioneurosin2019tobelow1.5billionin2022.Thevastmajorityofassetswereallocatedtoinvestmentassetsrelatedtomarketrateproducts,withthisassetclasshavinganallocationexceeding50billioneurosin2022.ReadmoreNote(s):Denmark;December2019toDecember2022Source(s):ExeleratingAssetsundermanagement(AUM)oftheKevapensionfundinFinlandfrom2019to2022,byassettype(inmillioneuros)AUMoftheKevapensionfundinFinland2019-2022201920202021202230,00025,00020,00015,00010,0005,0000EquitiesFixedincomeHedgefundsPrivateequityRealestate27Description:FromDecember2019toDecember2022,thetotallevelofassetsundermanagement(AUM)oftheFinnish-basedpensionfund,Keva,increased,reachingapeakvalueofalmost67billioneurosin2021.Thetotalassetvalueofthefundrestatroughly62.2billioneurosin2022,anapproximatesixbillioneuroincreasesince2019.ReadmoreNote(s):Finland;December2019toDecember2022Source(s):ExeleratingAssetsundermanagement(AUM)oftheLífeyrissjóðurstarfsmannaríkisins(LSR)inIcelandin2022,byassettype(inmillionIcelandicKrona)AUMoftheoftheLSRinIceland2022,byassettype600,000500,000400,000300,000200,000100,0000ForeignsharesStateandlocalauthoritybondsDomesticsharesMortgagebackedsecuritiesOtherbondsFreecashForeignbonds28Description:Thelífeyrissjóðurstarfsmannaríkisins(LSR)pensionfundisthelargestpensionfundinIcelandbyassetsundermanagement(AUM).In2022,thevastmajorityofthepensionfund'sassetswereallocatedtoforeignshares.Stateandlocalauthoritybondsrankedsecond,managingalmost261billionISKinassets.ReadmoreNote(s):Iceland;2022Source(s):LífeyrissjóðurstarfsmannaríkisinsCHAPTER

06NBIMportfoliocompositionPortionofportfolioassetallocationoftheNorwayGovernmentPensionGlobalinNorwayfrom2020to2022,byassettypePortfolioallocationoftheNorwayGovernmentPensionGlobalinNorway2020-202220202021202280%70%60%50%40%30%20%10%0%-10%30Description:FromDecember2020toDecember2022,theportfolioallocationofthepublicpensionfundNorwegianGovernmentPensionGlobalremainedrelativelystable.Bondsaccountedforroughly26percentoftheportfolioallocationin2020.Thisamounthadaslightincrease,risingto31percentby2022.Fromtheoverallgrowthinportfolioallocationtobonds,governmentbondshadafourpercentincrease.ReadmoreNote(s):Norway;December2020toDecember2022Source(s):ExeleratingDistributionofNorgesBankInvestmentManagement's(NBIM)investmentasofDecember2022,bycountryGeographicaldistributionofNorgesBankInvestmentManagement'sinvestments2022Shareoffundinvested20%

25%0%5%10%15%30%35%40%45%50%UnitedStatesJapan43.1%9.1%UnitedKingdomGermanyFrance6.7%5.2%4.9%3.5%3%SwitzerlandCanadaChina2.6%2.2%AustraliaNetherlands2.1%31Description:NorgesBankInvestmentManagement(NBIM)investedprimarilyintheUnitedStatesasofDecember2022.Infact,over43percentofthefundwasinvestedinthiscountry.Japanfollowed,accountingfor9.1percentofthefund'sinvestmentsasofDecember2022.ReadmoreNote(s):Worldwide,Norway;December31,2022Source(s):NorgesBankDistributionofNorgesBankInvestmentManagement's(NBIM)investmentasofDecember2022,byregionGeographicaldistributionofNorgesBankInvestmentManagement'sinvestments2022Shareoffundinvested20%

25%0%5%10%15%30%35%40%45%50%55%NorthAmerica48.8%EuropeAsia30.8%15.8%Oceania2.3%0.8%LatinAmericaInternationalorganizationsMiddleEast0.7%0.4%Africa0.3%32Description:NorgesBankInvestmentManagement(NBIM)investedprimarilyinNorthAmericaasofDecember2022.Infact,almost49percentofthefundwasinvestedinthatregion.Europefollowed,accountingfor30.8percentofthefund'sinvestmentsasofDecember2022.ReadmoreNote(s):Worldwide,Norway;December31,2022Source(s):NorgesBankAnnualreturnofNorgesBankInvestmentManagement(NBIM)onequityinvestmentin2022,byinvestmentsectorAnnualreturnofNBIMonequityinvestments2022,bysectorAnnualreturn-40%Energy-30%-20%-10%0%10%20%30%30.8%40%FinancialsUtilities-3.2%-3.8%Healthcare-6.2%-6.5%-7.6%ConsumerstaplesBasicmaterialsTelecommunicationsIndustrials-12%-15.7%ConsumerdiscretionaryTechnology-25.2%-31.4%33Description:In2022,equityinvestmentsinenergycompanieswereparticularlyprofitableforNorgesBankInvestmentManagement(NBIM),withanannualreturnofapproximately31percent.ReadmoreNote(s):Worldwide,Norway;2022Source(s):NorgesBankCHAPTER

07PortfoliocompositionofleadingNordicfundsPortionofportfolioassetallocationoftheKevapensionfundinFinlandfrom2019to2022,byassettypePortfolioallocationoftheKevapensionfundinFinland2019-2022201920202021202245%40%35%30%25%20%15%10%5%0%EquitiesFixedincomePrivateequityHedgefundsRealestate35Description:FromDecember2019toDecember2022,thelevelofportfolioallocationoftheKevapensionfundinFinlandtoequityandfixed-incomesecuritieswasalmostmatched.In2020and2021,thelevelofallocationvariedbyroughlyfivepercent.InDecember2022,equitiesweretheprimaryfinancialsecurity,receivingalmost38percentoftotalportfolioallocation,whilefixedincomerankedsecond,andprivateequitycameinthird,managingalmost19percentoftotalassets.ReadmoreNote(s):Finland;December2019toDecember2022Source(s):ExeleratingPortionofportfolioassetallocationofthePFApensionfundDenmarkfrom2019to2022,byassettypePortfolioallocationofPFADenmarkpensionfund2019-2022201920202021202270%60%50%40%30%20%10%0%InvestmentassetsrelatedtomarketrateproductBondsDerivativesInvestmentpropertiesEquityinvestmentsLoansDepositswithEquityUnittrustcertificatescreditinstutions

investmentsinassociates36Description:TheDanishpensionfund,PFA,consistentlyallocatedthelargestportionofitsportfoliotoinvestmentassetsrelatedtomarketrateproductsfrom2019to2022.Thisassettypeaccountedforthevastmajorityofthefund'sportfolio,withallocationlevelsreachingalmost60percentin2020.Bondsalsoaccountedforasizableportionoftheportfolio,receivingabove20percentoftotalassetallocationin2022.

ReadmoreNote(s):Denmark;December2019toDecember2022Source(s):ExeleratingPortionofportfolioassetallocationofAlectapensionsförsäkring,ömsesidigtpensionfundSwedenfrom2019to2022,byassettypePortfolioallocationofAlectapensionsförsäkring,ömsesidSweden2019-2022201920202021202260%50%40%30%20%10%0%DebtsecuritiesSharesAlternativeinvestments37Description:TheSwedishpensionfund,Alectapensionsförsäkring,ömsesid,hadthelowestportionofitsportfolioallocatedtoalternativeinvestments.However,thissharedidroughlydoubleinvaluefrom2019toapproximately21.5percentin2022.

ReadmoreNote(s):Sweden;December2019toDecember2022Source(s):ExeleratingAssetsundermanagement(AUM)oftheLífeyrissjóðurstarfsmannaríkisins(LSR)inIcelandin2022,byassettype(inmillionIcelandicKrona)AUMoftheoftheLSRinIceland2022,byassettype600,000500,000400,000300,000200,000100,0000ForeignsharesStateandlocalauthoritybondsDomesticsharesMortgagebackedsecuritiesOtherbondsFreecashForeignbonds38Description:Thelífeyrissjóðurstarfsmannaríkisins(LSR)pensionfundisthelargestpensionfundinIcelandbyassetsundermanagement(AUM).In2022,thevastmajorityofthepensionfund'sassetswereallocatedtoforeignshares.Stateandlocalauthoritybondsrankedsecond,managingalmost261billionISKinassets.ReadmoreNote(s):Iceland;2022Source(s):LífeyrissjóðurstarfsmannaríkisinsCHAPTER

08NBIMfundperformanceAnnualreturnofNorgesBankInvestmentManagement(NBIM)onequityinvestmentin2022,byinvestmentsectorAnnualreturnofNBIMonequityinvestments2022,bysectorAnnualreturn-40%Energy-30%-20%-10%0%10%20%30%30.8%40%FinancialsUtilities-3.2%-3.8%Healthcare-6.2%-6.5%-7.6%ConsumerstaplesBasicmaterialsTelecommunicationsIndustrials-12%-15.7%ConsumerdiscretionaryTechnology-25.2%-31.4%40Description:In2022,equityinvestmentsinenergycompanieswereparticularlyprofitableforNorgesBankInvestmentManagement(NBIM),withanannualreturnofapproximately31percent.ReadmoreNote(s):Worldwide,Norway;2022Source(s):NorgesBankAnnualreturnofNorgesBankInvestmentManagement(NBIM)from1998toJune2022,byassetclassAnnualreturnofNorgesBankInvestmentManagement1998-2022,byassetclassEquityFixedincomeUnlistedrealestateUnlistedrenewableinfrastructure40%30%20%10%0%-10%-20%-30%-40%-50%1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

202241Description:TheannualreturnofNorgesBankInvestmentManagement(NBIM)fluctuatedconsiderablybetween1998and2022.In2022,theNorwegiansovereignwealthfundreportedanannualreturnof-15.36and-12.11percentonitsequityandfixed-incomeinvestments,respectively.ReadmoreNote(s):Worldwide,Norway;1998toJune30,2022Source(s):NorgesBankAnnualreturnofNorgesBankInvestmentManagement(NBIM)from1998toJune2022AnnualreturnofNorgesBankInvestmentManagement1998-202230%20%25.62%19.95%15.95%13.42%14.51%10.86%13.66%6.92%12.44%9.26%12.59%8.94%11.09%7.92%9.62%10%0%7.58%4.26%2.49%2.74%-2.47%-4.74%-2.54%-6.12%-10%-20%-30%-14.41%-23.31%1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

202242Description:TheannualreturnofNorwegiansovereignwealthfundNorgesBankInvestmentManagement(NBIM)fluctuatedconsiderablybetween1998andthefirsthalfof2022.AsofJune2022,theNorwegiansovereignwealthfundreportedanannualreturnofnegative14.41percent,asharpdecreasecomparedto2021.ReadmoreNote(s):Worldwide,Norway;1998toH12022Source(s):NorgesBankMarketretunofNorgesBankInvestmentManagement(NBIM)inNorwayfrom1997to2023NBIMmarketreturnsNorway1997-202330%20%25.6%20%16%14.5%10.9%13.4%13.7%12.4%9.3%12.6%11.1%9.6%8.9%7.9%7.6%7.6%10%0%6.9%4.3%2.5%

2.5%2.7%-2.5%-4.7%-6.1%-10%-20%-30%-14.1%-23.3%43Description:Intheillustratedperiod,NorgesBankInvestmentManagement(NBIM)marketreturnsexhibitedfluctuations,hittingapeakvaluein2008at-23.3percent,andreachingits