Norway’s Sovereign Wealth Fund Reports Strong 2025 Return
Oslo, Norway – – The Government Pension Fund Global of Norway delivered a robust return of 15.1 percent in , according to a press release issued by Norges Bank Investment Management (NBIM) on .
The fund’s total value reached 1,526 billion kroner (approximately $2.228 trillion USD) by the end of . The return was 0.28 percentage points lower than the fund’s benchmark index.
“The fund delivered very strong results in ,” said Nicolai Tangen, CEO of NBIM. “Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return.”
The performance breakdown revealed significant gains across various asset classes. Equity investments yielded a return of 19.3 percent, while fixed income investments generated 5.4 percent. Unlisted real estate investments returned 4.4 percent, and unlisted renewable energy infrastructure saw a return of 18.1 percent.
The value of the fund increased by 1,526 billion kroner in , with an accounting return of 2,362 billion kroner. However, the appreciation of the Norwegian krone against major currencies resulted in a decrease of 1,155 billion kroner in the fund’s value. Net cash flow, after management costs, amounted to 319 billion kroner.
As of , the fund’s asset allocation was as follows: 71.3 percent in equities, 26.5 percent in fixed income, 1.7 percent in unlisted real estate, and 0.4 percent in unlisted renewable energy infrastructure.
The Government Pension Fund Global is owned by the Norwegian people, represented by the government and the Storting (Norwegian parliament). The Ministry of Finance holds formal responsibility for the fund’s management.
A separate report from the Ministry of Finance, published on , detailed the fund’s performance in . That report indicated a significant increase in the fund’s value, rising by nearly 4,000 billion kroner to just under 20,000 billion kroner. The return on investments in exceeded 13 percent, measured in the fund’s currency basket, equating to over 2,500 billion kroner.
According to the Ministry of Finance, strong earnings growth and high valuations in stock markets, particularly within the technology sector, were key drivers of the returns. Minister of Finance Jens Stoltenberg emphasized the importance of a long-term investment strategy and broad risk diversification, particularly in times of market turbulence.
“In , the value of the pension fund increased significantly. However, in recent weeks, we have seen how the value can fluctuate significantly in a short period. High uncertainty about tariffs has led to substantial turmoil in international financial markets,” Stoltenberg said in a statement. “Sudden changes in strategy or hasty decisions must be avoided. In more unpredictable times, broad risk diversification remains the best approach. This is ensured through the established investment strategy, which is broadly anchored with the Storting.”
The fund’s performance in and underscores its role as one of the world’s largest sovereign wealth funds and its importance to the Norwegian economy.
