The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Tangen: Mega-funds must track indices because governance cannot survive big relative losses
“The problem is that you are being kicked out at the worst possible time, and typically then you would liquidate the positions and crystallize losses which shouldn't be crystallized. And that is why it's important to be close to index, because a governance stru…”
Tangen: NBIM uses AI for capital deployment timing, not stock picking
“So we don't really use it to pick investments. We use it to time the deployment of capital. When we get money into the fund, we use it for that timing. And we use it also now increasingly to minimize trading.”
Tangen: NBIM runs $1.3T with 650 staff, a third of peer size
“It's roughly a third of the size of what similar institutions would be given the asset size. We are 650 people, 650 people running 1.3 trillion.”
Tangen: NBIM is preparing a recommendation to add private equity
“Private equity has not been a part of the mandate we have, and we are in active conversation with the Ministry of Finance to Potentially get that in, and this is a decision by the board, and we will soon make our recommendation, and then we see whether we get …”
Tangen: NBIM researches fewer than 1,000 of its 9,000 holdings
“We do not research 9000 companies. We research Less than a thousand. But we do research them very well.”
Tangen: 3% sovereign wealth fund payout covers over 20% of Norway's budget
“Even with three percent of the fund being spent, that is now more than 20% of the Norwegian budget.”
Tangen: NBIM owns 1.5% of global equities and 2.7% of European companies
“The biggest single shareholder in the world, one and a half percent of all the equities worldwide in 9000 companies. In Europe, we own 2.7% of all companies.”
NBIM pre-announces proxy voting intentions five days before AGMs
“We announce voting intentions five days ahead of time so that everybody in the world can see how we vote.”
Tangen: NBIM is the only major fund of its type avoiding private equity
“And also, we are the only large fund in the world of our type who are not doing it.”
Tangen: 650 NBIM staff can speak publicly, up from four
“In the past, there were four people who could talk on behalf of the fund. Now, 650 people can talk on behalf of the fund.”
Tangen: Shorter bond duration saved NBIM significant money in recent years
“So we did, for instance, have a shorter duration than the market over the last few years. That's saved us quite a bit of money.”
Tangen: NBIM runs 5% of assets with external managers in developing markets
“We run five percent of the assets with external managers, and that's the assets that we have in developing markets.”