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表3GPFG主动投资策略的超额收益贡献(2022)
表3GPFG主动投资策略的超额收益贡献(2022)
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大类资产配置及模型研究(十二):主权财富基金(SWF)的挪威模式深度透视GPFG的主动管理之路-240305(22页).pdf
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表5、1998年至2025年GPFG前十大重仓股情况
| 排序 | 1998A               | 1999A         | 2000A                     | 2001A       | 2002A       | 2003A       | 2004A       |
| ---- | ------------------- | ------------- | ------------------------- | ----------- | ----------- | ----------- | ----------- |
| 1    | 诺华                | 诺基亚        | 沃达丰                    | 英国石油    | 英国石油    | 英国石油    | 道达尔      |
| 2    | 葛兰素威康          | 英油阿莫科    | 诺基亚                    | 沃达丰      | 沃达丰      | 沃达丰      | 沃达丰      |
| 3    | 微软                | 微软          | 英油阿莫科                | 葛兰素史克  | 壳牌        | 汇丰        | 英国石油    |
| 4    | 通用电气            | 通用电气      | 葛兰素史克                | 诺基亚      | 葛兰素史克  | 葛兰素史克  | 花旗        |
| 5    | 英国石油            | 曼内斯曼      | 通用电气                  | 通用电气    | 道达尔      | 花旗        | 汇丰        |
| 6    | 罗氏                | 英国电信      | 诺华                      | 微软        | 微软        | 通用电气    | 通用电气    |
| 7    | 英国电信            | 沃达丰        | 汇丰                      | 道达尔      | 汇丰        | 壳牌        | 诺华        |
| 8    | 荷兰皇家石油（现属壳牌） | NTT 移动      | 荷兰皇家石油（现属壳牌）  | 汇丰        | 诺华        | 微软        | 葛兰素史克  |
| 9    | 诺基亚              | 爱立信        | 阿斯利康                  | 壳牌        | 诺基亚      | 诺华        | 瑞银        |
| 10   | 丰田                | 思科          | 道达尔                    | 诺华        | 花旗        | 道达尔      | 埃克森美孚  |
| 排序 | 2005A               | 2006A         | 2007A                     | 2008A       | 2009A       | 2010A       | 2011A       |
| 1    | 壳牌                | 英国石油      | 壳牌                      | 壳牌        | 汇丰        | 壳牌        | 壳牌        |
| 2    | 英国石油            | 壳牌          | 英国石油                  | 雀巢        | 壳牌        | 雀巢        | 雀巢        |
| 3    | 埃克森美孚          | 法国巴黎银行  | 道达尔                    | 英国石油    | 英国石油    | 汇丰        | 汇丰        |
| 4    | 诺华                | 道达尔        | 汇丰                      | 埃克森美孚  | 雀巢        | 英国石油    | 诺华        |
| 5    | 雪佛龙              | 汇丰          | 雀巢                      | 道达尔      | 道达尔      | 沃达丰      | 沃达丰      |
| 6    | 通用电气            | 诺华          | 埃克森美孚                | 汇丰        | 沃达丰      | 诺华        | 英国石油    |
| 7    | 葛兰素史克          | 瑞银          | 沃达丰                    | 沃达丰      | 桑坦德银行  | 苹果        | 埃克森美孚  |
| 8    | 苏格兰皇家银行      | 通用电气      | 通用电气                  | 诺华        | 罗氏        | 埃克森美孚  | 罗氏        |
| 9    | 沃达丰              | 雀巢          | 西班牙电信                | 罗氏        | 西班牙电信  | 西门子      | 苹果        |
| 10   | 罗氏                | 罗氏          | 微软                      | 意昂        | 诺华        | 道达尔      | 葛兰素史克  |
| 排序 | 2012A               | 2013A         | 2014A                     | 2015A       | 2016A       | 2017A       | 2018A       |
| 1    | 雀巢                | 雀巢          | 雀巢                      | 雀巢        | 雀巢        | 苹果        | 微软        |
| 2    | 壳牌                | 壳牌          | 诺华                      | 苹果        | 壳牌        | 雀巢        | 苹果        |
| 3    | 汇丰                | 诺华          | 苹果                      | 罗氏        | 苹果        | 壳牌        | 字母表      |
| 4    | 诺华                | 汇丰          | 壳牌                      | 诺华        | 字母表      | 字母表      | 亚马逊      |
| 5    | 苹果                | 沃达丰        | 贝莱德                    | 字母表      | 微软        | 微软        | 雀巢        |
| 6    | 罗氏                | 罗氏          | 罗氏                      | 微软        | 罗氏        | 诺华        | 壳牌        |
| 7    | 贝莱德              | 贝莱德        | 汇丰                      | 贝莱德      | 诺华        | 亚马逊      | 罗氏        |
| 8    | 英国石油            | BG 集团       | 梅赛德斯·奔驰             | 汇丰        | 贝莱德      | 罗氏        | 诺华        |
| 9    | 赛诺菲              | 苹果          | 微软                      | 壳牌        | 埃克森美孚  | 腾讯        | 伯克希尔·哈撒韦 |
| 10   | 埃克森美孚          | 英国石油      | 埃克森美孚                | 保诚        | 强生        | 汇丰        | 强生        |
| 排序 | 2019A               | 2020A         | 2021A                     | 2022A       | 2023A       | 2024A       | 2025A       |
| 1    | 苹果                | 苹果          | 苹果                      | 苹果        | 微软        | 苹果        | 英伟达      |
| 2    | 微软                | 微软          | 微软                      | 微软        | 苹果        | 微软        | 苹果        |
| 3    | 字母表              | 亚马逊        | 字母表                    | 字母表      | 字母表      | 英伟达      | 微软        |
| 4    | 雀巢                | 字母表        | 雀巢                      | 雀巢        | 亚马逊      | 字母表      | 字母表      |
| 5    | 亚马逊              | 雀巢          | 亚马逊                    | 亚马逊      | 英伟达      | 亚马逊      | 亚马逊      |
| 6    | 罗氏                | 脸书          | Meta                      | 罗氏        | Meta        | Meta        | 台积电      |
| 7    | 壳牌                | 台积电        | 台积电                    | 壳牌        | 雀巢        | 博通        | 博通        |
| 8    | 阿里巴巴            | 罗氏          | 特斯拉                    | 台积电      | 台积电      | 台积电      | Meta        |
| 9    | 脸书                | 三星电子      | 罗氏                      | 诺和诺德    | 诺和诺德    | 特斯拉      | 特斯拉      |
| 10   | 诺华                | 阿里巴巴      | 阿斯麦                    | 阿斯麦      | 阿斯麦      | 伯克希尔·哈撒韦 | 礼来        |

数据来源：NBIM 官网，兴业证券经济与金融研究院整理
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2026-03-09
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图49、GPFG自2012年以来撤资项目累计数量
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图9、挪威政府全球养老基金(GPFG)发展历程
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产业概述
2026-03-09
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2022年GPFG养老金12.4万亿挪威克朗
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2024-03-11
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2022年GPFG养老金70%投资于权益资产
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2024-03-11
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挪威GPFG委托管理人从1998年4位增加到2022
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表4GPFG主动投资策略的年化超额收益贡献(2013-2022)
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2024-03-08
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图12所示,除2000年至2002年(NBIM开始尝试进行权益类投资)外,GPFG的
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2024-03-08
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图4GPFG的投资地区分类(2022年年报)
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2024-03-08
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图21GPFG的责任投资会议统计(2022年)
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2024-03-08
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图15GPFG非上市房地产资产的分类(2022年报)
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2024-03-08
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图10GPFG分年度实际收益与基准收益对比(%)
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2024-03-08
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GPFG的管理成本
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2024-03-08
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图5GPFG在美国的权益类投资占比
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2024-03-08
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最新数据
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如下表所示,2022 年,NBIM 的主动投资策略为 GPFG 带来了合计 0.87%的超额收益。其中,市场暴露策略贡献 0.16%,主要是利用不同投资工具和发行方之间的相对估值差、公司或市场事件引起的错误定价,及固定收益市场中利率水平、通胀、汇率的变化和各个市场之间的利差。
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大类资产配置及模型研究(十二):主权财富基金(SWF)的挪威模式深度透视GPFG的主动管理之路-240305(22页).pdf
表4GPFG主动投资策略的年化超额收益贡献(2013-2022)
表3GPFG主动投资策略的超额收益贡献(2022)
表2GPFG权益类资产组合的Fama-French五因子归因分析(1999-2022)
表1GPFG的资产配置风险约束(2023.06.30)
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