First Expert Assessment of Norway’s Sovereign Wealth Fund Presented

Jan. 26, 2026

Norway’s Expert Council on the Government Pension Fund Global has presented its first assessment to the Norwegian government, with SHoF’s Magnus Dahlquist among the members of the council.

Magnus Dahlquist (SHoF/Stockholm School of Economics) serves on the newly established Expert Council advising Norway’s Ministry of Finance on the management of the Government Pension Fund Global, one of the world’s largest sovereign wealth funds.

The Expert Council was announced by the Norwegian Ministry of Finance on April 30, 2025, and plays a key role in advising on the fund’s long-term investment strategy and responsible management. A central task of the council is to assess the strategy of the fund, with ongoing reviews forming part of its mandate, and comment on the active management.

The council delivers written assessments to the Ministry of Finance and presents its analyses in open seminars. Its work in 2025 focused on evaluating the fund’s investment strategy and developing a systematic framework for reviewing key policy decisions.

On January 26, 2026, the council, with Dahlquist included, presented its first written assessment to the Ministry. At the presentation he commented on the evaluation of the active management. 

“I would encourage discussions in terms of what I call the incomplete classical view versus the more modern view of active management” says Dahlquist. “A mega index fund with small but highly valuable Alpha overlay”, he called the fund.