挪威GPFG2024年报：规模稳健增长，收益低于基准

Investment Overview - As of the end of 2024, the total assets of the Government Pension Fund Global (GPFG) reached 19.75 trillion Norwegian Krone (NOK), an increase of 3.99 trillion NOK from the end of 2023, representing a year-on-year growth rate of 25.3%[2][3]. - The investment return for 2024 was 2.51 trillion NOK, with an investment return rate of 13.1%, which is 0.45 percentage points lower than the benchmark index[2][4]. Asset Allocation - The asset allocation strategy remains consistent, with a stock-to-bond ratio of 7:3, where stocks accounted for 71.4%, fixed income 26.6%, unlisted real estate 1.8%, and unlisted renewable energy infrastructure 0.1%[3][16]. - The proportion of stocks has increased for two consecutive years, while the share of fixed income has decreased[3][16]. Investment Performance - The investment return rates for different asset types in 2024 were 18.2% for stocks, 1.3% for fixed income, -0.6% for unlisted real estate, and -9.8% for unlisted renewable energy infrastructure[4][11]. - The overall investment return of 2.51 trillion NOK in 2024 was the highest since the fund's inception, but the excess return relative to the benchmark was negative at -0.45%[11][20]. Future Outlook - GPFG is unlikely to include private equity investments in the short term due to the negative stance of the Norwegian Ministry of Finance[5][27]. - A new active strategies department will be established by merging the equity and real assets teams to enhance investment management capabilities starting January 1, 2025[5][28]. - GPFG plans to propose the removal of emerging market small-cap stocks from its benchmark index to simplify management and reduce costs[5][29]. Risk Factors - Potential macroeconomic downturns could adversely affect GPFG's investment returns[6][31]. - The aging population in Norway may increase pension payment pressures, impacting GPFG's risk appetite[6][31]. - Geopolitical conflicts, such as the ongoing Russia-Ukraine situation, could influence GPFG's investment strategies and regional choices[6][31].