Research - OCTOBER 30, 2014

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NBIM has rough third quarter, real estate still a top performer

by Reg Clodfelter

After returning 3.3 percent in the first quarter of 2014 and 1.7 percent in the second, Norges Bank Investment Management, which invests on behalf of Norway’s $831.04 billion Government Pension Fund Global, had a rough third quarter, with a return of only 0.1 percent after losing 0.5 percent on its equities portfolio.

Despite the rough quarter, NBIM’s real estate portfolio was its top performer, returning 1.5 percent. The manager has only 1.3 percent of its assets invested in real estate at this time, though it made a number of real estate purchases during the third quarter in its effort to bring its real estate allocation up to 5 percent by 2016.

“Our strategy is to invest in a limited number of cities around the world and concentrate on office and retail premises,

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