OSLO (Reuters) – Norway’s sovereign wealth fund, the world’s largest, said on Tuesday its use of external fund managers had led to the accumulation of 47 billion Norwegian crowns ($4.45 billion) in excess returns in the 20 years from 1999 to 2018.

The fund is mostly tracking market developments but also has leeway to conduct some active portfolio adjustments.

While most of the $980 billion assets are managed by the fund’s staff, some is also farmed out to external managers, who earned an average annual excess return of 1.8% after fees in the two decades covered by the report, the fund said.

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