Calls for Norway to Go More Passive
The Norwegian Government Pension Fund suffered its worst year in 2008, losing NKr633bn or close to a quarter of its value. Critics likened it to gambling.
About NKr80bn of the losses were directly related to active management, which has prompted calls for a more passive investment strategy. In April, Norway’s finance ministry started a broad review on whether to continue active management of the NKr2500bn fund, the world’s second largest sovereign wealth fund.
A new academic report, commissioned by the government in connection with the review, says the fund has been taking “appropriate” risks. But it recommended one notable change: incorporating systematic risk factors, such as volatility and liquidity, into the fund’s benchmark.
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