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, 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

9,338 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 1.3 percent of all of the world’s listed companies.

70 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.

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 infrastructure for renewable energy.

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.

Press conference on the fund's half-year results 2022

CEO Nicolai Tangen and Deputy CEO Trond Grande will present the fund's first half 2022 results at Arendalsuka. They will discuss how the market has developed so far this year, and how this has affected the fund's results. Our Chief Governance and Compliance Officer Carine Smith Ihenacho will present our new initiatives towards the companies the fund is invested in. The press conference is in Norwegian.

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 3,265 billion kroner of the value. Fluctuations in the krone lie behind the remainder. The values in the chart is as at 30.06.22.


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 5.8 percent, or 6,327 billion kroner.

The 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

In Good Company

Our CEO Nicolai Tangen is having in-depth interviews with leaders of some of the largest companies in the world, such as BPs Bernard Looney, Mary Barra, CEO of General Motors and David Solomon, CEO of Goldman Sachs. You will get to know the leader, their strategy, and how they interact with a large investors like us.

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.


New expectation document on human capital

17 Aug. 2022

Today, we publish new expectations of the companies in which we invest, on how they should manage their human resources – also called human capital. Human capital management will be a priority in our ownership work going forward.

Negative returns in the first half of the year

17 Aug. 2022

In the first half of 2022, the Government Pension Fund Global returned -14,4 percent, equivalent to -1 680 billion kroner.

Decisions on observation and exclusion

15 Jun. 2022

Norges Bank has decided to place one company under observation, revoke the exclusion of one company, and end active ownership for one company.