Abstract

https://ssrn.com/abstract=1936806
 
 

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The Norway Model


David Chambers


University of Cambridge - Judge Business School, Department of Finance & Accounting

Elroy Dimson


University of Cambridge - Judge Business School ; London Business School

Antti Ilmanen


AQR Capital Management

October 10, 2011

Journal of Portfolio Management, Vol. 38, No. 2, 2012, pages 67–81

Abstract:     
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


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Date posted: October 4, 2011 ; Last revised: March 20, 2016

Suggested Citation

Chambers, David and Dimson, Elroy and Ilmanen, Antti, The Norway Model (October 10, 2011). Journal of Portfolio Management, Vol. 38, No. 2, 2012, pages 67–81. Available at SSRN: https://ssrn.com/abstract=1936806 or http://dx.doi.org/10.2139/ssrn.1936806

Contact Information

David Chambers
University of Cambridge - Judge Business School, Department of Finance & Accounting ( email )
Trumpington Street
Cambridge, CB2 1AG
United Kingdom
44 (0)1223 339700 (Phone)
Elroy Dimson (Contact Author)
University of Cambridge - Judge Business School ( email )
Trumpington Street
Cambridge, CB2 1AG
United Kingdom
+44 20 7000 8212 (Phone)
+44 700 607 7390 (Fax)
London Business School ( email )
Sussex Place
Regent's Park
London, NW1 4SA
United Kingdom
44 20 7000 7000 (Phone)
44 700 607 7390 (Fax)

Antti S. Ilmanen
AQR Capital Management ( email )
United Kingdom
+447887475184 (Phone)
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