About the fund

The aim of the oil fund is to ensure responsible and long-term management of revenue from Norway’s oil and gas resources in the North Sea so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global.

How the fund is invested

9,202 Companies

The fund has a small stake in more than 9,000 companies worldwide, including the likes of Apple, Nestlé, Microsoft and Samsung. On average, the fund holds 1.5 percent of all of the world’s listed companies.

74 Countries

The Norwegian oil fund is one of the world's largest funds. Investments are spread across most markets, countries and currencies to achieve broad exposure to global growth and value creation, and ensure good risk diversification.

3 Investment areas

Most of the fund is invested in equities, which are ownership interests in companies. Another part is invested in bonds, which are a type of loan to governments and companies, and a final slice is invested in real estate.

See every single investment

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

Responsible investment

The fund exists to help finance the Norwegian welfare state for future generations. The future value of the fund depends on sustainable growth, well-functioning markets and value creation at the companies we invest in.

The fund's development

Returns on the fund’s investments account for more than half of the fund's market value. Inflows from the government make up about a third. Fluctuations in the krone lie behind the remainder.

Market value

The fund's market value is affected by investment returns, capital inflow and withdrawals, and exchange rate movements.

Return

Since 1998 the fund has generated an annual return of 5.8 percent, or 5,170 billion kroner.

The fund's history

  • 1969
    We discover oil in the North sea
  • 1990
    The Parliament adopts the Government Pension Fund Act
  • 1996
    The first money transfer to the fund
  • 2019
    The fund's value reaches 10,000 billion kroner

Investment insights

The fund’s investment decisions are based on research and analysis of the developments in financial markets and the global economy. We share internal research and analysis as well as content from conferences or seminars. We invite to dialogue and have a strong collaboration with academics, peers and practitioners with an aim to improving the investment strategy and our results.

News

Karsten Kallevig becomes special advisor to the CEO

18 Sep. 2020

Karsten Kallevig is appointed special advisor, with a focus on real asset matters.

Latest publication: Investing with a mandate

07 Sep. 2020

One of our tasks as the manager of the fund is to contribute to transparent management of the fund. Our publication series «Management reviews» contributes to this goal by providing historic accounts of different parts of the fund’s investment strategy. “Investing with a mandate” is the latest publication in this series.

Decisions on exclusions and active ownership

31 Aug. 2020

Norges Bank has decided to exclude three companies from the Government Pension Fund Global and follow up one company through active ownership.