State Pension Fund of Norway

State Pension Fund - Global ( Norwegian Statens pensjonsfond utland , SPU; English Government Pension Fund Global , GPFG) - a fund to which the excess profits of the Norwegian oil industry are deducted with their further investment in international assets. The fund changed its name in 2006, and before that it was called The Petroleum Fund of Norway . Fund out of habit called the oil fund. As of June 2011, the fund was the largest pension fund in the world, although in reality it is not a pension fund, since it is formed on the basis of oil revenues, not pension contributions. As of September 19, 2017, the value of the fund’s assets reached 1 trillion US dollars, ^[1] which is approximately equal to 1% of the global stock market. ^[2] With 1.78% of the European stock market ^{[2], the} fund is the largest shareholder in Europe. ^[3]

When forming a strategic debt investment portfolio, GPFG relies on benchmark indices that define the boundaries of acceptable risk and serve as a guideline for the expected return of the fund. As of mid-2017, this index consisted of 23 currencies, including the currencies of developing countries - South Korean won, Mexican peso, Polish zloty, Russian ruble, etc. In September 2017, the fund became aware of plans to abandon the current bond benchmark index and replace it with a bond index in only three currencies - the dollar, the euro and the British pound. Information on the timing of these changes is missing ^[4] .

At the end of 2016, the fund was one of the largest holders of Russian federal loan bonds (OFZ) among non-residents, it owned $ 2.21 billion worth of securities. Russian government securities in 2016 became one of the most profitable in the GPFG portfolio: their yield in terms of rubles for the multi-currency basket of the fund amounted to 62.5% (only in Peru - more than 81.5% and Brazil - 71%) ^[4] .

• Alaska Permanent Fund
• Social investing
• Scandinavian model
• Norway's oil and gas industry