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.


Since 1998 the fund has generated an annual return of 6.1 percent, or 5,358 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

9,202 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.

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.


Top-Three Finance Journal Publication dedicated to Climate Finance

03 Jul. 2020

A research grant from Norges Bank Investment Management for Professor Harrison Hong of Columbia University has resulted in the publication of a special issue of The Review of Financial Studies dedicated exclusively to climate finance.

Voting on sustainability proposals

17 Jun. 2020

Today, we publish an asset manager perspective where we explain our approach to shareholder proposals on sustainability. We recommend evaluating proposals according to materiality, prescriptiveness and a careful consideration of company context.

Governor Olsen on Supervisory Council’s letter to the Storting

11 Jun. 2020

On 11 June, the Supervisory Council of Norges Bank sent a letter to the Storting with a briefing on the Supervisory Council’s work in connection to the appointment of Nicolai Tangen as new CEO of Norges Bank Investment Management (NBIM). The reason for the letter is the great public interest in the appointment and employment contract that has been agreed.