Investments

The fund is a global investor with a long-term investment horizon. The aim is to achieve the highest possible return. It is only invested abroad so that the Norwegian economy does not overheat.

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Search in all of the investments by country, asset class and sector.

The fund's return

Return on the investments accounts for more than half of the fund's value.

How the fund is invested

The fund has a small stake in more than 7,200 companies across countries, sectors and currencies worldwide. The fund is now one of the world’s largest investors, owning almost 1.5 percent of all shares in the world’s listed companies. Another part is invested in bonds, which are a type of loan to governments and companies. The fund also owns 1,389 properties across major cities and renewable energy infrastructure projects.

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Investment areas

The fund's value

Returns

Risk management

Investment strategy

Benchmark index

External mandates

Investment Conference

Investment areas

The fund's investments are spread across most markets and currencies to capture global value creation and diversify risk as best as possible. About 70 percent is invested in equities and 30 percent in fixed income. Up to 7 percent can be invested in unlisted real estate and up to 2 percent in unlisted renewable energy infrastructure.

Investment areas

Equities

Most of the fund (70%) is invested in equities. We have ownership interests in more than 7,200 companies.

Fixed income

Another part (30%) is invested in bonds, which are a type of loan to governments and companies.

Real estate

A smaller portion (7%) can be invested in unlisted real estate in attractive locations worldwide.

Infrastructure

A final slice (2%) can be invested in renewable energy infrastructure, mainly in wind and solar projects.

View every single investment

Search in all of the fund’s investments by country, asset class and sector. This information is updated twice a year and is available since our first investment in 1998.

All investments

The fund's investments by country as of 30 June 2026:

1. United States: NOK 12148.5 billion (52.87% of the fund)
2. Japan: NOK 1389.3 billion (6.05% of the fund)
3. United Kingdom: NOK 1190.7 billion (5.18% of the fund)
4. Germany: NOK 847.7 billion (3.69% of the fund)
5. France: NOK 756.1 billion (3.29% of the fund)
6. Canada: NOK 738.8 billion (3.22% of the fund)
7. Taiwan: NOK 612.7 billion (2.67% of the fund)
8. South Korea: NOK 586.2 billion (2.55% of the fund)
9. Switzerland: NOK 583.2 billion (2.54% of the fund)
10. Netherlands: NOK 534.7 billion (2.33% of the fund)
11. China: NOK 466.4 billion (2.03% of the fund)
12. Australia: NOK 424.3 billion (1.85% of the fund)
13. Italy: NOK 324.6 billion (1.41% of the fund)
14. Spain: NOK 303.0 billion (1.32% of the fund)
15. India: NOK 273.0 billion (1.19% of the fund)
16. Sweden: NOK 231.1 billion (1.01% of the fund)
17. Singapore: NOK 223.5 billion (0.97% of the fund)
18. Denmark: NOK 176.7 billion (0.77% of the fund)
19. Belgium: NOK 115.9 billion (0.50% of the fund)
20. International organisations: NOK 110.2 billion (0.48% of the fund)
21. Hong Kong: NOK 93.4 billion (0.41% of the fund)
22. Finland: NOK 90.0 billion (0.39% of the fund)
23. South Africa: NOK 86.7 billion (0.38% of the fund)
24. Brazil: NOK 62.5 billion (0.27% of the fund)
25. Mexico: NOK 62.0 billion (0.27% of the fund)
26. Austria: NOK 57.2 billion (0.25% of the fund)
27. New Zealand: NOK 50.4 billion (0.22% of the fund)
28. Ireland: NOK 45.3 billion (0.20% of the fund)
29. Poland: NOK 39.1 billion (0.17% of the fund)
30. United Arab Emirates: NOK 33.9 billion (0.15% of the fund)
31. Malaysia: NOK 28.6 billion (0.12% of the fund)
32. Portugal: NOK 27.3 billion (0.12% of the fund)
33. Thailand: NOK 25.8 billion (0.11% of the fund)
34. Israel: NOK 23.9 billion (0.10% of the fund)
35. Türkiye: NOK 20.4 billion (0.09% of the fund)
36. Greece: NOK 18.9 billion (0.08% of the fund)
37. Indonesia: NOK 18.3 billion (0.08% of the fund)
38. Chile: NOK 15.9 billion (0.07% of the fund)
39. Hungary: NOK 15.2 billion (0.07% of the fund)
40. Colombia: NOK 13.4 billion (0.06% of the fund)
41. Lithuania: NOK 12.9 billion (0.06% of the fund)
42. International fund: NOK 12.4 billion (0.05% of the fund)
43. Qatar: NOK 10.0 billion (0.04% of the fund)
44. Luxembourg: NOK 9.5 billion (0.04% of the fund)
45. Slovakia: NOK 9.3 billion (0.04% of the fund)
46. Czech Republic: NOK 9.1 billion (0.04% of the fund)
47. Philippines: NOK 7.0 billion (0.03% of the fund)
48. Kuwait: NOK 6.4 billion (0.03% of the fund)
49. Latvia: NOK 6.1 billion (0.03% of the fund)
50. Estonia: NOK 4.9 billion (0.02% of the fund)
51. Vietnam: NOK 4.3 billion (0.02% of the fund)
52. Iceland: NOK 4.3 billion (0.02% of the fund)
53. Peru: NOK 4.2 billion (0.02% of the fund)
54. Romania: NOK 2.5 billion (0.01% of the fund)
55. Slovenia: NOK 2.4 billion (0.01% of the fund)
56. Egypt: NOK 1.6 billion (0.01% of the fund)
57. Kenya: NOK 1.5 billion (0.01% of the fund)
58. Russia: NOK 1.4 billion (0.01% of the fund)
59. Bangladesh: NOK 0.95 billion (< 0.01% of the fund)
60. Cyprus: NOK 0.93 billion (< 0.01% of the fund)
61. Liechtenstein: NOK 0.37 billion (< 0.01% of the fund)
62. Croatia: NOK 0.28 billion (< 0.01% of the fund)
63. Bulgaria: NOK 0.22 billion (< 0.01% of the fund)
64. Panama: NOK 0.18 billion (< 0.01% of the fund)
65. Malta: NOK 0.17 billion (< 0.01% of the fund)
66. Puerto Rico: NOK 0.09 billion (< 0.01% of the fund)
67. Morocco: NOK 0.04 billion (< 0.01% of the fund)
68. Jordan: NOK 0.03 billion (< 0.01% of the fund)
69. Ukraine: NOK 0.02 billion (< 0.01% of the fund)

Highest share of the fund Lowest

The fund's development

The largest portion of the fund's value is return on the investments. The fund's value is also affected by capital inflows and withdrawals from the government. Since the fund is only invested abroad, it is also influenced by fluctuations in the krone rate.

The fund's value

Billion kroner

As at 30 June 2026

The fund's total return

6.9%

annualised return since 1998

15,210

billion kroner

More than half of the fund's value is return on the investments. Since 1998 the fund has generated an average annual return of 6.86 percent, or 15,210 billion kroner.

Returns

Investment strategy

The Ministry of Finance decides the overall investment strategy for the fund. Material changes require approval from the Storting – the Norwegian parliament. The strategy is communicated to Norges Bank in a mandate for the operational management of the fund. The mandate sets out what we can invest in, how the results are to be measured, and various requirements for how we go about managing the fund.

Norges Bank’s Executive Board issues a strategic plan for the management of the fund, including the main strategies that Norges Bank Investment Management is to employ in pursuit of our goal of the highest possible return. We use a variety of complementary investment strategies that are tailored to the fund’s unique characteristics, such as its size and long-term investment horizon.

Investment strategy

Governance model

Investment risk

The value of the fund may fluctuate considerably from year to year. We use a variety of measures and risk analyses to obtain the broadest possible picture of the fund's market risk.

Risk management

Half-year report 2026

The Government Pension Fund Global returned 9.4 percent in the first half of 2026. This was 0.22 percentage point higher than the return on the benchmark index.