这段文字详细描述了挪威政府全球养老基金（通常被称为石油基金）的投资策略和管理，该基金的设立是为了管理挪威石油和天然气生产带来的盈余收入。 该基金成立于 1990 年，比第一笔资金流入早了六年。该基金的主要目标是在适度风险范围内最大化回报，以确保其长期可持续性。自成立以来，该基金已收到约 5 万亿克朗的石油和天然气收入，但其绝大部分价值，约 14 万亿克朗，是通过投资回报产生的。 为了保护挪威本土经济，该基金完全投资于挪威境外。其投资多元化分布于北美、欧洲和亚洲，主要分配如下：72% 为股票，26% 为固定收益，2% 为房地产。该基金采用自动再平衡机制，以维持约 70% 的股票配置，在市场上涨后出售股票，在市场下跌后购买股票。固定收益投资组合主要由发达市场以欧元、美元、英镑和日元发行的国债组成。 该基金还投资于全球约 900 处房产，重点关注伦敦、巴黎、柏林、纽约、波士顿、旧金山和东京等主要城市的办公楼、零售和物流领域。此外，它还持有近 9,000 家上市公司的股份，遍布 71 个国家，平均拥有所有上市公司的 1.5% 的股份，使其成为全球最大的公司所有者之一。 股票管理基于两个核心策略：市场风险暴露和基于基本面研究的证券选择。这些策略旨在实现广泛的市场风险暴露，同时通过公司特定分析来提高回报。证券选择由内部和外部经理共同进行。 位于奥斯陆、伦敦、纽约和新加坡的内部经理被组织成全球行业团队，主要专注于发达市场，尤其是大盘股公司。该基金还聘用外部经理在他们认为可以产生超额回报的细分市场和领域进行投资。这包括专注于新兴市场和亚洲的小盘股公司，这些经理驻扎在印度尼西亚、印度、巴西、日本和韩国等国家。在欧洲，该基金采用本地化的、专注于特定国家的小盘股经理，以及区域和行业经理的组合。关键是找到对特定领域有深入了解的专家。目前，该基金与全球 50 个不同城市的 110 位经理合作，强调本地知识的重要性。 这些外部经理基于广泛的本地知识和研究构建投资组合，并通过频繁的实地考察与他们投资的公司保持定期沟通。该基金的目标是产生超额回报，自成立以来，它已实现了 1.8% 的年化超额回报，扣除费用后，相当于 900 亿克朗。支付的费用相对较低，平均为 0.3%，使该基金能够保留 80% 的超额回报。 该基金认为，外部经理通过避免具有问题商业模式和薄弱公司治理的公司来降低风险，尤其是在 ESG（环境、社会和治理）风险较高的市场中。ESG 因素被纳入选择和监控流程，并每年向经理传达期望。由于 ESG 方面的担忧，当地经理避免了 75% 的当地基准公司。 该基金的策略是动态的，并随着市场状况和基金规模的变化而演变。关键要素保持不变，即：所有授权仅限于股票，都基于深入的基本面研究，并且都在隔离账户中。这使该基金可以每天监控所有持仓和投资组合的变化。它保留随时终止账户的权利，并定义投资范围。 该基金不依赖历史业绩数据，而是专注于对未来研究和业绩的预期。聘用经理的决定由个人投资组合经理而不是投资委员会做出，从而促进个人责任制。该基金还避开了顾问的使用，而是倾向于进行自己的深入研究。 该基金采用结构化的选择流程，首先向潜在经理发出问卷调查。进行现场会议以评估团队及其流程，并在选择之前举行多次会议。举行季度会议以审查投资组合，讨论个别公司，并评估 ESG 因素。该基金寻求具有创造性、独特世界观的经理，他们好奇、好问，并愿意挑战传统观念。它还偏爱小型、私有的组织，这些组织在利益对齐和稳定团队方面做得更好。投资决策过程强调个人责任和问责制，避免僵化的投资委员会。 监控过程是全面的，可以访问所有持仓和投资组合中的变化。交易活动受到密切关注，并且分析业绩、风险、交易和持仓。目标是优化经理的投资组合，以最大化每美元费用的预期回报。该基金积极管理其投资组合，定期增加和终止授权。

This transcript details the investment strategies and management of the Norwegian Government Pension Fund Global (often referred to as the Oil Fund), which was established to manage the surplus revenues from Norway's oil and gas production. The fund was established in 1990, six years prior to the first inflow. The fund's primary goal is to maximize returns within moderate risk parameters to ensure its long-term sustainability. Since its inception, the fund has received approximately 5 trillion Krone from oil and gas revenues, but the vast majority of its value, approximately 14 trillion Krone, has been generated through investment returns. To safeguard the Norwegian mainland economy, the fund is invested exclusively outside of Norway. Its investments are diversified across North America, Europe, and Asia, primarily allocated as follows: 72% in equities, 26% in fixed income, and 2% in real estate. The fund employs an automatic rebalancing mechanism to maintain an equity allocation of around 70%, selling equities after market increases and buying them after declines. The fixed income portfolio primarily consists of treasury bonds issued in euros, dollars, pounds, and yen from developed markets. The fund also invests in approximately 900 properties globally, focusing on offices, retail, and logistics sectors in major cities like London, Paris, Berlin, New York, Boston, San Francisco, and Tokyo. Furthermore, it holds investments in nearly 9,000 listed companies across 71 countries, owning an average of 1.5% of all listed companies, making it one of the largest single owners of companies worldwide. Equity management is based on two core strategies: market exposure and securities selection based on fundamental research. These strategies aim to achieve broad market exposure while enhancing returns through company-specific analysis. Securities selection is conducted by both internal and external managers. The internal managers, located in Oslo, London, New York, and Singapore, are organized into global sector teams and focus primarily on developed markets, particularly large-cap companies. The fund also employs external managers in segments and markets where they believe they can generate excess returns. This includes a focus on emerging markets and small-cap companies in Asia, where managers are based locally in countries such as Indonesia, India, Brazil, Japan, and South Korea. In Europe, the fund utilizes a mix of locally based, country-focused small-cap managers, as well as regional and sector managers. The key is to find specialists with deep knowledge of specific areas. Currently, the fund works with 110 managers in 50 different cities globally, emphasizing the importance of local knowledge. These external managers build portfolios based on extensive local knowledge and research, maintaining regular communication with the companies they invest in through frequent site visits. The fund's goal is to generate excess returns, and it has achieved an annualized excess return of 1.8% since its beginning, net of fees, which translates to 90 billion Krone. The fees paid have been relatively low, averaging 0.3%, allowing the fund to retain 80% of the excess return. The fund believes that external managers mitigate risks by avoiding companies with problematic business models and weak corporate governance, particularly in markets with higher ESG (Environmental, Social, and Governance) risks. ESG considerations are integrated into the selection and monitoring process, with expectations communicated to managers annually. Local managers have avoided 75% of the companies in their local benchmarks due to ESG concerns. The fund's strategy is dynamic and evolves with market conditions and the fund's size. Key elements remain constant, which is; all mandates are equity only, they are based on deep fundamental research, and they are all on segregated accounts. This allows the fund to monitor all holdings and changes in portfolios daily. It retains the right to terminate accounts at any time and defines the investment universe. The fund does not rely on historical performance data but focuses on the expected future research and performance. Decisions on hiring managers are made by individual portfolio managers rather than investment committees, promoting individual accountability. The fund also eschews the use of consultants, preferring to conduct its own in-depth research. The fund employs a structured selection process, starting with a questionnaire to potential managers. On-site meetings are conducted to assess the team and their processes, with multiple meetings held before selection. Quarterly meetings are held to review portfolios, discuss individual companies, and assess ESG considerations. The fund seeks managers with a creative, distinct view of the world, who are curious, inquisitive, and willing to challenge conventional wisdom. It also favors small, privately owned organizations where there is a better alignment of interests and stable teams. The investment decision-making process emphasizes personal responsibility and accountability, avoiding rigid investment committees. The monitoring process is comprehensive, with access to all holdings and changes in the portfolio. Trading activity is closely scrutinized, and performance, risk, trading, and holdings are analyzed. The goal is to optimize the portfolio of managers to maximize expected return per dollar of fees. The fund actively manages its portfolio, adding and terminating mandates regularly.