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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

9,228 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.

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 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.

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.

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 3,994 billion kroner of the value. Fluctuations in the krone lie behind the remainder. The values in the chart is as at 31.12.22.


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 5.7 percent, or 6,370 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

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.

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 BPs Bernard Looney, 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.

Annual report 2022

The fund returned -14.1 percent, or -1,637 billion kroner, in a year of rising interest rates, high inflation and war in Europe. However, the market value of the fund increased by 90 million kroner. This was because the krone fell against the currencies in which the fund is invested, and because new capital was added to the fund. The fund’s return was 0.87 percentage point higher than the return on the benchmark index, equivalent to 117 billion kroner.

The key figures were presented at a press conference on 31 January

CEO Nicolai Tangen and Deputy CEO Trond Grande presented the fund's key figures for 2022. Some of our expert provided a deeper insight into specific areas and sectors of relevance in the year that has passed. The press conference was in English.


New investment in renewable energy infrastructure

23 Mar. 2023

Norges Bank Investment Management has signed an agreement to acquire a 16.6 percent stake in He Dreiht, a 960 MW offshore wind construction project offshore Germany.

Decisions on observation

22 Mar. 2023

Norges Bank has decided to end observation of a company, and also extend observation of a company.

New Co-Chief Investment Officer Asset Strategies

15 Mar. 2023

Malin Norberg has been appointed new Co-Chief Investment Officer Asset Strategies at Norges Bank Investment Management. She will take up the position on 1 April.