The Norway Model
University of Cambridge - Judge Business School, Department of Finance & Accounting
London Business School; University of Cambridge - Judge Business School
Antti S. Ilmanen
AQR Capital Management (Europe) LLP
October 10, 2011
The Norwegian Government Pension Fund Global was recently ranked the largest fund on the planet. It is also highly rated for its professional, low-cost, transparent, and socially responsible approach to asset management. Investment professionals increasingly refer to Norway as a model for managing financial assets. We present and evaluate the strategies followed by the Fund, review long-term performance, and describe how it responded to the financial crisis. We conclude with some lessons that investors can draw from Norway’s approach to asset management, contrasting the Norway Model with the Yale Model.
Number of Pages in PDF File: 17
Keywords: Sovereign wealth funds, endowment, pensions, Norway, Government Pension Fund Global
JEL Classification: E44, F21, G15, G23, G28, J26
Date posted: October 4, 2011 ; Last revised: September 11, 2012
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