Key figures 3Q 2025
The fund returned 5.8 percent in the third quarter of 2025. This was 0.06 percentage point below the return on the benchmark index. The accounting return was 1,032 billion kroner.
The fund's value
20,440
billion kroner
At the end of the third quarter of 2025, the fund had a value of 20,440 billion kroner. The market value of the investment portfolio was 20,455 billion kroner.
The equity investments had a market value of 14,554 billion kroner, fixed-income investments 5,450 billion kroner, unlisted real estate investments 368 billion kroner and renewable energy infrastructure 83 billion kroner. Equities made up 71.2 percent of the fund, fixed income 26.6 percent, unlisted real estate 1.8 percent and renewable energy infrastructure 0.4 percent.
Billion kroner
The fund's value increased with 854 billion kroner through the third quarter. The accounting return was 1,032 billion kroner, 81 billion kroner was net inflows from the government while -259 billion kroner came from currency movements.
Billion kroner
The result is driven by strong returns in the stock market, particularly in basic materials, telecommunications and the financial sector.
Trond Grande
Deputy CEO of Norges Bank Investment Management
5.8 percent return in the third quarter
Measured in the fund's currency basket
Percent
The return on the fund’s equity investments was 7.7 percent, the return on the fixed-income investments was 1.4 percent, whereas investments in unlisted real estate returned 1.1 percent. The return on unlisted renewable energy infrastructure was 0.3 percent.
Percent
Historical key figures
Values in billions of kroner since inception.
| 30.09.2025 | 30.06.2025 | |
|---|---|---|
| Total inflow of capital | 6,107 | 6,024 |
| Total withdrawal of capital | -687 | -687 |
| Return on fund* | 12,826 | 11,793 |
| Management fees | -84 | -81 |
| Changes due to fluctuations in krone | 2,277 | 2,536 |
| Fund value | 20,440 | 19,586 |
| *The fund's return includes the accounting effect of changes recognised deferred tax. |
||
Annualised return in percent
As at 30 September 2025. Measured in the fund's currency basket.
| Since 01.01.1998 | Last 10 years | |
|---|---|---|
| Return on fund | 6.59 | 8.54 |
| Annual inflation | 2.14 | 2.74 |
| Annual management costs | 0.07 | 0.05 |
| Net real return on fund | 4.28 | 5.60 |