The Norwegian Government Pension Fund Global
The fund's market value nok
We work to safeguard and build
financial wealth for future generations
How the fund is invested
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.
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.
4 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 and renewable energy infrastructure.
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.
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 the biggest part of the fund's market value. Inflows from the government make up 4,392 billion kroner of the value. Fluctuations in the krone lie behind the remainder. The values in the chart is as at 30.06.23.
1969We discover oil in the North sea
1990The Parliament adopts the Government Pension Fund Act
1996The first money transfer to the fund
2019The fund's value reaches 10,000 billion kroner
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.
Seminar on private equity
The Ministry of Finance has asked Norges Bank to give advice on whether the fund should be allowed to invest in private equity. To shed light on this question, we hosted a seminar about private equity at our Oslo office on 14 September.
Get to know the CEOs of the world's largest companies
In this podcast our CEO Nicolai Tangen is having in-depth interviews with leaders of some of the largest companies in the world, such as OpenAI's Sam Altman, Nicolas Hieronimus, CEO of L'oréal and Benedetto Vigna, CEO of Ferrari. You will get to know the leader, their strategy, and how they interact with a large investors like us.
Norges Bank Investment Management has been an active member of the Taskforce on Nature-related Financial Disclosures (TNFD) since 2021. Today the group publishes its new framework which aims to guide companies and investors in managing nature-related financial risks.
Norges Bank Investment Management has published updated expectations to companies on climate, highlighting the need for companies to move from target setting to transition planning.
Norges Bank Investment Management has today published a Discussion Note on private equity. In the note, we describe how the market has grown over time and review the academic literature. Comparing private equity funds to public equities, we find that buyout funds on average have meaningfully outperformed public equities by 3-4 percentage points annually net of fees.