The investment portfolio is global and diversified within shares, tenants, private equity and property in accordance with the framework of our investment mandate. We primarily invest in funds.
The financial objective is to preserve the real value of the foundation’s capital in the long-term and generate return to fulfil and support the advancement of the foundation’s philanthropic purposes. Investments are managed based on existing in perpetuity.
The portfolio is currently diversified across asset classes, sectors and regions, primarily through external mandates.
The current investment mandate is:
|Asset class||Portfolio (percentage)|
|Cash and money market||3 %|
|Fixed income||22 %|
|Private Equity||15 %|
|Real Estate||15 %|
The fixed income portfolio invests across most fixed income segments, distinguishing between domestic and global bonds. Within fixed income, investments are made primarily in response to active mandates. While the foundation overall primarily invests through funds, the Norwegian fixed income portfolio consists of a few single securities within hybrid capital and inflation-linked bonds. Single securities are not actively traded.
The equity portfolio is divided into Norwegian equities and global equities. The foundation invests only in funds following both passive and active mandates. The equity portfolio consists of both long-only and long-short equity strategies as well as both niche and diversified mandates.
The private equity portfolio consists of fund investments in both buyout-growth and venture funds. The private equity portfolio consists of a global mix of buyout, growth and venture funds made mainly through primary commitments, but also some secondary transactions and fund of funds. The portfolio is further diversified across sectors, industries, vintages and company sizes. The mandate is flexible, but the portfolios focus is funds in the Nordics, Europe and US that invest in the middle-market or lower middle-market.
The foundation’s real estate portfolio is invested with a global mandate, with a focus on Norwegian and Nordic core/core+ strategies. The portfolio consists of funds invested in offices, logistics, retail, hotels etc. The foundation invests in funds that are unleveraged or with low to moderate leverage.