We show that with updated data covering the period 2013-2019, the risk adjusted return before costs from the stock picking-activity in the Government Pension Fund Global (GPFG) is zero for all practical purposes, and thus not significantly different from zero. The costs of managing this part of the portfolio appears to amount to about 20 bp per annum. After costs the return is thus negative
For explanation on methodology and factors, please see previous editions of this exercise.
Sources:
Prof. Richard Priestley Head of Department – Department of Finance – BI Norwegian Business School
Halvor Hoddevik, Executive Chairman, Rann Rådgivning AS
Det er to, og kun to, tiltak som kan gjøres mellom Nicolai Tangen og Nbim som tilfredsstiller det som bør være det norske folks krav om åpenhet, etterprøvbarhet og etisk forsvarlighet.
We show that with updated data covering the period 2013-2018, the risk adjusted return before costs from the stock picking-activity in the Government Pension Fund Global (GPFG) is negative, and not significantly different from zero. The costs of managing this part of the portfolio appears to amount to about 20 bp per annum. After costs the return is thus negative.
