金融行业海外养老保险资金配置系列专题报告之二：挪威养老体系及养老资金投资研究.docxVIP

第 PAGE 1 页 共 NUMPAGES 3 页 Norwegian Pension System and Pension Funds Investment 02/08/2019 Overweight（Maintained）Finance Analyst Overweight （Maintained） Finance Analyst Zhang Yidong Deputy Head of Research at Industrial Securities Co. Ltd. General Manager of Overseas Market Research Center zhangyd@ SAC: S0190510110012 SFC: BIS749 Population aging led to rapid expansion in pension fund assets. Contact Yanlin Li liylin@ Contact Yanlin Li liylin@ SAC：S0190510110015 Bo Zhang zhangboyjs@ SAC: S0190519060002 SFC: BMM189 Stage review of GPFG’s asset allocation —1) Initially, GPFG merely invested in government bonds. 2) During 1998-2007, risk preference increased in the downward cycle of interest rates. In 1998, equity was included and was assigned for 40% of the portfolio. In 2002, corporate bonds and ABS were included.3）Allocation to equity was increased. The NBIM decided in 2017 to increase the allocation to equities in the fund to 70%. 4) Increasing allocation to emerging markets and multi-assets. The fund allocated no more than 5% of its portfolio to emerging markets in 2009, which increased to more than 10% in 2018. In 2011, the fund started to invest in unlisted real estate. Characteristics of GPFG asset allocation —1). Active management in equity. The strategic benchmark of GPFG was set by the Ministry of Finance. The fund’s investments are measured against a benchmark index based on FTSE Group (Equity) and Bloomberg Barclays Indices (Fixed Income). In 2018, the actual proportion of investment in Europe was higher than the benchmark, while the allocation to US stock market was 38.1%, lower than FTSE benchmark (53.8%); there was little difference between the actual benchmark and BBI 2) Government bonds in emerging markets, balanced bond portfolio in developed markets. The fund invested at least 90% of bond assets in government bonds in emerging markets; while 30%-40% of the fixed income assets were corporate or securitized debts in Europe o