The Norway Model in Perspective
回顾挪威政府养老金全球基金过去十年的投资策略演变，对比其他资产管理模式，并重新审视其负责任投资承诺，为长期投资者提供参考。
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. <b>TOPICS:</b>Foundations & endowments, portfolio theory, portfolio construction, ESG investing <b>Key Findings</b> ▪ 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.