Key figures Q3 2026
The fund returned -0.5 percent in the third quarter of 2026, or -278 billion kroner, in accounting terms. This was 0.18 percentage point lower than the return on the benchmark index.
The fund's value
22,014
billion kroner
At the end of the third quarter of 2026, the fund had a value of 22,014 billion kroner. The market value of the investment portfolio was 22,025 billion kroner.
The equity investments had a market value of 15,875 billion kroner, fixed-income investments 5,649 billion kroner, unlisted real estate investments 363 billion kroner and renewable energy infrastructure 114 billion kroner. Equities made up 72.1 percent of the fund, fixed income 25.8 percent, unlisted real estate 1.6 percent and renewable energy infrastructure 0.5 percent.
Billion kroner
The fund’s return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments. Equity returns were also close to zero, but there were large differences between sectors. Energy companies rose the most, while interest-rate-sensitive sectors such as utilities and real estate fell,” says Deputy CEO Trond Grande of Norges Bank Investment Management.
Trond Grande
Deputy CEO of Norges Bank Investment Management
-0.5 percent return in the third quarter
Measured in the fund's currency basket
Percent
The return on the fund’s equity investments was 0.5 percent, the return on the fixed-income investments was -3.5 percent, whereas investments in unlisted real estate returned 0.4 percent. The return on unlisted renewable energy infrastructure was 7.5 percent.
Percent
Historical key figures
Values in billions of kroner since inception.
| 31.03.2026 | 30.06.2026 | |
|---|---|---|
| Total inflow of capital | 6,367 | 6,285 |
| Total withdrawal of capital | -687 | -687 |
| Return on fund* | 14,932 | 15,210 |
| Management fees | -91 | -90 |
| Changes due to fluctuations in krone | 1,793 | 1,965 |
| Fund value | 22,014 | 22,683 |
| *The fund's return includes the accounting effect of changes recognised deferred tax. |
||
Annualised return in percent
As at 30 September 2026. Measured in the fund's currency basket.
| Since 01.01.1998 | Last 10 years | |
|---|---|---|
| Return on fund | 6.78 | 8.91 |
| Annual inflation | 2.19 | 2.99 |
| Annual management costs | 0.07 | 0.05 |
| Net real return on fund | 4.41 | 5.69 |