Norway's Ministry of Finance has sent a letter to Norges Bank requesting analyses of the Government Pension Fund Global’s (GPFG) bond investment strategy and an assessment of geopolitical risk and concentration risk in the fund’s equity portfolio, following issues raised by the Expert Council in its 2025 report. The Ministry also issued the Expert Council’s assignment for 2026. The 2026 assignment asks the Expert Council to review the foundations of the investment strategy, with particular emphasis on bond investments, using the six-step framework proposed in its 2025 report for systematic strategy reviews. The work should build on steps 1–3 and specifically assess steps 4–6 for bond investments, including the role of bonds in the total portfolio, the appropriate composition of the bond reference index, and how bond investments should be regulated in Norges Bank’s management mandate. The Expert Council is to deliver its report to the Ministry by 25 January 2027.
Department of Finance (Norway) 2026-02-27
Norway's Ministry of Finance tasks Norges Bank with GPFG bond-strategy analysis and equity risk review and sets the Expert Council’s 2026 mandate
Norway's Ministry of Finance has tasked Norges Bank with analyzing the Government Pension Fund Global's bond investment strategy and assessing geopolitical and concentration risks in its equity portfolio. The Expert Council is assigned to review the investment strategy foundations, focusing on bond investments, using a six-step framework from its 2025 report.