Rallying equities helped the pension giant return 16.1% during the year, but it fell 18 basis points shy of its benchmark.
The $1.3 trillion Government Pension Fund Global’s investment portfolio lost 2.1%—$33.6 billion—during the quarter.
The pension giant also found that venture capital and growth equity have underperformed public equities.
The $1.4T Norges Bank Investment Management has increased its climate expectations for more than 9,000 companies in its portfolio.
Despite losses, the 300 largest funds’ share of global pension assets rose to 43% in 2021.
Following a weak 2022, the Government Pension Fund Global’s market value rose to $1.443 trillion at the end of June.
The $1.4 trillion pension giant also placed U.K.-based Petrofac on observation over allegations of corruption and bribery.
Indonesia’s largest cement producer allegedly presents a risk of damage to prehistoric cultural heritage sites.
The pension giant also excluded two firms for ‘serious violations of individuals’ rights’ in Myanmar.
CEO Nicolai Tangen acknowledged that Norges Bank Investment Management ‘lost a considerable sum’ from the Silicon Valley Bank failure.
The $1.3 trillion pension giant is currently prohibited from investing in the asset class, but that may change.
