Acronym: GPF
 Assets under management: US$507bn¹
 Established: 1990
 Headquarters: Oslo, Norway
 Origin: Oil
 Website: http://www.nbim.no/en/


Investments²:

    Largest equity holdings:


  • Royal Dutch Shell PLC (UK)
    19.8bn NOK ($3.2bn)
  • HSBC Holdings PLC (UK)
    18.9bn NOK ($3.1bn)
  • Nestlé SA (Switzerland)
    18.1bn NOK ($3bn)
  • Vodafone Group PLC (UK)
    14.8bn NOK ($2.4bn)
  • Novartis AG (Switzerland)
    13.9bn NOK ($2.3bn)
  • BP PLC (UK)
    13.7bn NOK ($2.2bn)
  • Telefonica SA (Spain)
    11.7bn NOK ($1.9bn)
  • Total SA (France)
    11bn NOK ($1.8bn)
  • BHP Billiton PLC (UK)
    10.8bn NOK ($1.8bn)
  • GlaxoSmithKline PLC (UK)
    10.6bn NOK ($1.7bn)

    • Largest bond holdings

  • U.S. government
    136.6bn NOK ($22.4bn)
  • UK government
    91.8bn NOK ($15bn)
  • Federal Republic of Germany
    65.2bn NOK ($10.7bn)
  • Japanese government
    51.3bn NOK ($8.4bn)
  • Italian Republic
    51.2bn NOK ($8.4bn)
  • French Republic
    49.2bn NOK ($8.1bn)
  • Kingdom of Spain
    23.2bn NOK ($3.8bn)
  • European Investment Bank
    23.2bn NOK ($3.8bn)
  • Fannie Mae (US)
    19.8bn NOK ($3.2bn)
  • Bank of Scotland PLC (UK)
    18.8bn NOK ($3.1bn)

    • Real Estate

  • The Crown Estate's Regent Street (UK - London)
    25% stake for 4.2bn NOK ($0.7bn)6
Figures for September 30, 2010

The Government Pension Fund - Global

Fund details

History
Founded in 1990, changed name in January 2006 from The Petroleum Fund of Norway.

Management
Managed by Norges Bank Investment Management (NBIM), part of Norwegian Central Bank.
The Petroleum Fund's Advisory Council on Ethics was established in November 19, 2004 by royal decree.

Investments
GPF's investment portfolio is divided into equities (60% of assets) and fixed-income securities (35-40%) Up to 5% of assets may be invested in real estate outside Norway5.

Ethics
Government Pension Fund - Global doesn't invest in tobacco producers, companies involved in human rights abuses, environmental damage or production of weapons that through their normal use may violate fundamental humanitarian principles (nuclear arms, cluster munitions, land mines etc.)3,4

Location
Norges Bank
Bankplassen 2
P.O Box 1179 Sentrum
N-0107 Oslo, Norway
Tel +47 22 31 60 00

References
1. Norway's wealth fund rises to $507 bln in Oct, Reuters, November 12, 2010
2. Quarterly report 3Q 2010, Norges Bank Investment Management, November 3, 2010
3. Norway Proposes to Exclude Tobacco From Wealth Fund, M.Bhatia, M.Stigset, Bloomberg, April 3, 2009.
4. Responsible investing - Norway's Ministry of Finance website
5. Real estate investments Norges Bank Investment Management website
6. Fund Announces First Property Investment Norges Bank Investment Management Press release, November 4, 2010.

Last Updated: 24.11.2010

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