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The Fund's Market value


We work to safeguard and build
financial wealth for future generations

A film about the fund

The Norwegian people own the fund

See our film about the history, objective and management.

The fund's investments

the holdings

We invest in almost 9,000 companies and have investments in 77 countries. The fund's annual holdings are available from 1998 to the end of 2016.

Global investments

36% Europe

42% North America

18% Asia and Oceania

4% Rest of the world


Investment strategy

The fund is invested globally in international equities, fixed income and real estate. The goal is to have well diversified investments that distribute risk and generate the highest possible return within the mandate from the Ministry of Finance.

As at 31 March 2017, the fund's asset allocation was 64.6 percent equities, 32.9 percent fixed income and 2.5 percent unlisted real estate.

Investment strategy

Responsible investment

Our focus areas

We work on selected issues that are relevant across multiple sectors, and have formulated expectations for how companies should manage risk and report on their activities. We have three focus areas dealing directly with environmental and social issues:

More on responsible investment

The fund's returns


Annual return

The fund generated an annual return of 5.8 percent from the establishment of Norges Bank Investment Management in 1998 to the end of the first quarter of 2017, measured in the fund's currency basket. After management costs and inflation, the return was 3.9 percent.


Quarterly report





The Government Pension Fund Global returned 3.8 percent, or 297 billion kroner, in the first quarter of 2017.


1Q 2017 report

Annual report





The Government Pension Fund Global returned 6.9 percent, or 447 billion kroner, in 2016.


Annual report 2016


Responsible investment

We manage the fund responsibly in order to support the investment objective of the highest possible return with a moderate level of risk. Read about our responsible investment in 2016.

Go to the publication


Real estate investments 2016

The fund’s investments in unlisted real estate returned 1.7 percent in 2016.

Go to the publication


Return and risk 2016

This publication gives an overview of the fund’s return and risk with a focus on equities and fixed income. The publication assembles figures that we have previously published, as well as a few new figures.

Go to the publication