The Norwegian Government Pension Fund Global
The fund's market value nok
We work to safeguard and build
financial wealth for future generations
About the fund
The aim of the 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.
Return
Since 1998 the fund has generated an annual return of 5.7 percent, or 6,370 billion kroner.
The history
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1969We discover oil in the North sea
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1990The Parliament adopts the Government Pension Fund Act
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1996The first money transfer to the fund
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2019The 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.
Our annual investment conference: Geopolitics
Tuesday 25 April we launched our brand new investment conference. Some of the world's leading experts gave presentations and participated in discussions on relevant financial topics. The topic of this year's conference was geopolitical tensions and implications for investors. Some speakers have requested not to be included in the recording.
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.
News
Decisions on exclusion
Norges Bank has decided to exclude two companies from the Government Pension Fund Global.
Strong equity return in the first quarter
In the first quarter of 2023, the Government Pension Fund Global returned 5.9 percent, equivalent to 893 billion kroner.