Key figures 1Q 2026
The fund returned -1.9 percent in the first quarter of 2026, or -636 billion kroner, in accounting terms. This was 0.01 percentage point higher than the return on the benchmark index.
The fund's value
19,998
billion kroner
At the end of the first quarter of 2026, the fund had a value of 19,998 billion kroner. The market value of the investment portfolio was 20,004 billion kroner.
The equity investments had a market value of 14,036 billion kroner, fixed-income investments 5,522 billion kroner, unlisted real estate investments 359 billion kroner and renewable energy infrastructure 88 billion kroner. Equities made up 70.2 percent of the fund, fixed income 27.6 percent, unlisted real estate 1.8 percent and renewable energy infrastructure 0.4 percent.
Billion kroner
The fund's value decreased with 1,270 billion kroner through the first quarter. The accounting return was -636 billion kroner, 13 billion kroner was net inflows from the government while -646 billion kroner came from currency movements.
Billion kroner
The result reflects a quarter with challenging market conditions. We saw limited impact on fixed income and real estate, but it was the decline in equities, especially among large US technology companies, that determined the outcome.
Trond Grande
Deputy CEO of Norges Bank Investment Management
-1.9 percent return in the first quarter
Measured in the fund's currency basket
Percent
The return on the fund’s equity investments was -2.6 percent, the return on the fixed-income investments was -0.2 percent, whereas investments in unlisted real estate returned 1.2 percent. The return on unlisted renewable energy infrastructure was -1.9 percent.
Percent
Historical key figures
Values in billions of kroner since inception.
| 31.03.2026 | 31.12.2025 | |
|---|---|---|
| Total inflow of capital | 6,206 | 6,191 |
| Total withdrawal of capital | -687 | -687 |
| Return on fund* | 12,821 | 13,457 |
| Management fees | -87 | -85 |
| Changes due to fluctuations in krone | 1,745 | 2,391 |
| Fund value | 19,998 | 21,268 |
| *The fund's return includes the accounting effect of changes recognised deferred tax. |
||
Annualised return in percent
As at 31 March 2026. Measured in the fund's currency basket.
| Since 01.01.1998 | Last 10 years | |
|---|---|---|
| Return on fund | 6.51 | 8.34 |
| Annual inflation | 2.16 | 2.88 |
| Annual management costs | 0.07 | 0.05 |
| Net real return on fund | 4.18 | 5.26 |