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The Norway Model in Perspective

David Chambers, Elroy Dimson and Antti Ilmanen
The Journal of Portfolio Management Investment Models 2021, jpm.2021.1.230; DOI: https://doi.org/10.3905/jpm.2021.1.230
David Chambers
is Invesco Reader in Finance, academic director of the Centre for Endowment Asset Management, at the Cambridge Judge Business School at the University of Cambridge, a fellow of Clare College in Cambridge, UK, and a Research Fellow, CEPR
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Elroy Dimson
is a professor of finance, chairman of the Centre for Endowment Asset Management, at the Cambridge Judge Business School at the University of Cambridge and a Bye-Fellow of Gonville and Caius College in Cambridge, UK
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Antti Ilmanen
is a principal and global co-head of the Portfolio Solutions Group at AQR Capital Management in Bad Homburg, Germany
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Abstract

The authors’ 2012 article on the Norway model spotlighted that country’s sovereign wealth fund. They argued that Norway provides a coherent and compelling approach to managing long-term pools of assets. Since then, the Norwegian Government Pension Fund has grown in scale and complexity, and its structure has evolved. Meanwhile, other models for asset management have been put forward. In this article, the authors review Norway’s investment strategy in the light of the last decade’s experience, put it in a broader context by comparing Norway with alternative approaches, and reexamine the fund’s commitment to responsible investing. Since the authors wrote their earlier paper, environmental and social issues have come to the fore, and there is still much to learn from the Norway model.

TOPICS: Foundations & endowments, portfolio theory, portfolio construction, ESG investing

Key Findings

  • ▪ Today the Norwegian Government Pension Fund is the world’s largest sovereign wealth fund. It remains a model for long-horizon investors, including those of more modest size.

  • ▪ Norway has considerable freedom in how to invest its assets. It is an asset allocator, not a liability matcher.

  • ▪ Norway is cost conscious and emphasizes transparency, and this influences its strategy. Other investors favor private assets and may prefer different approaches, such as the Yale model or the Canada model.

  • ▪ The fund provides a model for financial investors who wish to be known for transparency and clarity of governance, low management costs, high liquidity, and high standards of ethical behavior.

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The Journal of Portfolio Management: 48 (8)
The Journal of Portfolio Management
Vol. 48, Issue 8
Emerging Markets 2022
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The Norway Model in Perspective
David Chambers, Elroy Dimson, Antti Ilmanen
The Journal of Portfolio Management Mar 2021, jpm.2021.1.230; DOI: 10.3905/jpm.2021.1.230

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The Norway Model in Perspective
David Chambers, Elroy Dimson, Antti Ilmanen
The Journal of Portfolio Management Mar 2021, jpm.2021.1.230; DOI: 10.3905/jpm.2021.1.230
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    • THE NORWAY MODEL
    • RESPONSIBLE INVESTING
    • ASSET-ORIENTED MODELS OF INVESTING
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