The fund's development

Since 1996, the fund's market value has grown from nothing to 10,000 billion kroner. 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 reminder.

Market value

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


Since 1998 the fund has generated an annual return of 5.9 percent, or 4,897 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 on 25 October

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

9,158 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 1.4 percent of all of the world’s listed companies.

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

Research and analysis

All of the fund’s investment decisions are based on in-depth research and analysis. We believe that the fund will benefit in the long term from close links with the research world. We help academic institutions to attract international researchers, reward outstanding research contributions, issue grants to students for doctoral studies in financial economics, and provide long-term incentives to promote high-quality financial research.


Fund disposes office property in Munich

20 Dec. 2019

Norges Bank Investment Management has signed an agreement to sell two office buildings in Sophienstrasse 26, Katharina-von-Bora-Strasse 1 and 3, Karlstrasse 23 and Luisenstrasse 14 in the Lenbach Gärten quarter in Munich.

Fund sells interest in London property

20 Dec. 2019

Norges Bank Investment Management has sold a 25 percent interest in the West One Shopping Centre and 75 Davies Street in London to British Land.

Decision to revoke observation

03 Dec. 2019

Norges Bank has decided to revoke the observation of Petroleo Brasileiro SA (Petrobras).