Strong return on the fund's investments

The Government Pension Fund Global returned 15.1 percent, or 2,362 billion kroner, in 2025 in accounting terms. This is the fund’s second-highest return in krone terms. The fund’s value increased by 1,526 billion kroner during the year.

CEO Nicolai Tangen and Deputy CEO Trond Grande presented the fund’s key figures for 2025. Experts from across the organisation provided insights into the key developments and sectors that shaped the year. The press conference was in English. The press conference was held on 29 January.

The fund's return in 2025

15.1%
2,362
billion kroner


The Government Pension Fund Global returned 15.1 percent, or 2,362 billion
kroner, in 2025. This was 0.28 percentage point, or 50 billion kroner, lower
than the return on the benchmark index.

Return by asset class

Solid corporate earnings, optimism regarding artificial intelligence and central bank interest rate cuts lifted the equity markets, supported by strong US economic growth. The fixed income markets were characterised by significant fluctuations throughout the year, particularly in the first half. US tariffs contributed to increased market uncertainty.

Liquidity in the real estate market improved in 2025 compared with previous years, and transaction volumes continued to pick up in most markets. Valuations of our investments in renewable energy infrastructure rose during the year, and new investments were made at attractive prices. Currency effects and net income also contributed positively to the results.
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The fund's value at the end of 2025

21,268
billion kroner

The fund’s value increased by 1,526 billion kroner during the year. Returns
and new capital inflows contributed to the growth, while a stronger krone
against the currencies the fund is invested in contributed to reducing the
value measured in kroner.

Equities

15,173
billion kroner
71.3%
of the fund

Fixed income

5,649
billion kroner
26.5%
of the fund

Real estate

372
billion kroner
1.7%
of the fund

Unlisted infrastructure

91
billion kroner
0.4%
of the fund

The fund's investments spanned 68 countries and 34 currencies

At the end of 2025, the fund was invested in 7,201 listed companies and 7,600 bonds from 1,618 issuers. The fund also had 1,389 investments in unlisted real estate and 13 investments in unlisted renewable energy infrastructure. The fund's holdings are updated twice a year and are available since the first investments in 1998.

Highest share of the fund Lowest
We live in turbulent and unpredictable times. If we had correctly predicted everything that happened in 2025, with its constant turmoil and surprises, we would all have believed that the international markets would fall significantly. Instead, they rose steadily throughout 2025, interrupted only by a few brief dips.
Nicolai Tangen
CEO of Norges Bank Investment Management

Strong year for equity investments

Financials were the best-performing sector in 2025. The valuation of European banks rose as investors gained confidence that earnings would remain stable. The basic materials sector also delivered strong returns, supported by higher commodity prices, particularly gold and copper. The return on telecommunications was largely driven by the South Korean company Samsung Electronics, which operates in several industries. Increased demand for the company’s memory chips contributed to the upturn.

Real estate, consumer staples and consumer discretionary delivered the weakest returns during the period.
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Responsible investment 2025

Responsible investment of the fund is presented in a separate report

Our mandate is to generate financial returns for current and future generations of Norwegians. This requires that our investments achieve sustainable value over time. In 2025, we launched our updated Climate action plan towards 2030, improved our sustainability reporting and used AI to enhance our risk monitoring.

Scenario analyses

Every year, we publish hypothetical scenario analyses that show how different developments could affect the value of the fund. The scenarios are adjusted from year to year in line with market developments and events that could impact the global economy.

This year, we analyse how a combination of high valuations of AI-related companies, high debt levels and increased geopolitical tensions could lead to significant reductions in value over time. We also include a climate-related scenario that highlights how global shocks to food supply can impact financial markets, and how environmental events are becoming increasingly economically significant.

Explore the full report

Read more about the investments, results and the management organisation. 

GIPS report

Norges Bank Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Norges Bank Investment Management has been independently verified for the periods 31 December 1997 through 31 December 2025.

Additional reporting

Related information