Positive return on the fund's investments

The fund returned 5.7 percent in the first half of 2025. This was 0.05 percentage point less than the return on the benchmark index. The value of the fund decreased by 156 billion kroner during the period to 19,586 billion kroner.

CEO Nicolai Tangen and Deputy CEO Trond Grande will present the fund's first half 2025 results at the Norwegian democracy festival Arendalsuka. The press conference is in Norwegian.

The fund's return in the first half of 2025

5.7%
698
billion kroner

 

The Government Pension Fund Global returned 5.7 percent in the first half of 2025. This was 0.04 percentage point less than the return on the benchmark index. The accounting return was 698 billion kroner.

Return by asset class

The equity investments had a strong first half. The financials, telecoms and utilities sectors produced the highest returns. Political decisions, especially in the US, led to increased uncertainty and considerable volatility in fixed-income markets.

The return on unlisted real estate was mainly driven by the European office and retail segments. Values increased, thanks to the European Central Bank’s policy rate cuts and lower office vacancy rates, especially in London and Paris. The return on the renewable energy infrastructure portfolio comprises net income from power sales and changes in the value of the investments. The positive return was a result of favourable currency effects and income during the period.
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The fund's value at the end of the first half of 2025

19,586
billion kroner

The fund's value decreased by 156 billion kroner during the first half of 2025 to 19,586 billion kroner. The change in the fund's value breaks down into an accounting return of 698 billion kroner, transfers from the government of 156 billion kroner after costs, and a negative contribution from a stronger krone of 1,010 billion kroner.

Equities

70.6%
of the fund

Fixed income

27.1%
of the fund

Real estate

1.9%
of the fund

Unlisted infrastructure

0.4%
of the fund

See every single investment

You can search in all of the fund's investments by country, asset class and sector. This information is available for every year since our first investment in 1998. From now on, the overview is updated twice a year.

Highest share of the fund Lowest
The half-year results are driven by good returns in the stock market, particularly in the financial sector
Nicolai Tangen
CEO of Norges Bank Investment Management

Positive return on equity investments

Financials was the strongest-performing sector in the first half of the year. European banks made the greatest contribution to this return, driven by expectations of increased public expenditure and further healthy profitability. Telecomunications benefited from stable revenue streams, expectations of consolidation in Europe, and new sources of revenue from artificial intelligence. Power producers and distributors contributed positively to the return in the utilities sector, partly because investors sought more stable investments during a period of falling oil and gas prices.

Health care, consumer discretionary, and real estate delivered the weakest returns during the period.
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Our voting in first half 2025

The first half of the year is the busy season for voting, with more than two thirds of companies’ annual shareholder meetings taking place between April and June.

87,399 votes at shareholder meetings

As we are a long-term financial investor, voting is one of our most important rights and tools to support our long-term interests. We vote to express our views as an owner, promote long-term value creation by companies and safeguard the fund's assets. We voted on 87,399 proposals at 7,936 shareholder meetings in the first half of 2025.

We have published a review of our voting in the first half of the year

This review summarises our voting during the period and our views on some prominent topics, including board composition and effectiveness, climate risk, and corporate policy engagement.

Explore the full report

Read more about the investments, results and management in the first half of 2025.

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