Norges Bank Investment Management explains how building company-level insight across a massive sovereign fund can drive consistent excess returns over time. The paper focuses on how internal structure, specialization, and direct engagement shape outcomes, arguing that even at scale, active management added about 1.1% annually over two decades.

It leans into the idea that edge comes from organization rather than prediction, with thousands of company meetings feeding differentiated views. The broader takeaway is that disciplined structure, not market timing, may be the more durable source of alpha.