Positive return on the fund's investments

The Government Pension Fund Global returned 9.4 percent in the first half of 2026. This was 0.22 percentage point higher than the return on the benchmark index. The fund's value was 22,683 billion kroner at the end of the half-year, an increase of 1,416 billion kroner during the period.

CEO Nicolai Tangen and Deputy CEO Trond Grande presents the fund's results for the first half of 2026. The press conference will be held at Sparebanken Norge's premises during Arendalsuka. The press conference is in Norwegian.

The fund's return in the first half of 2026

9.4%
1,753
billion kroner

 

The Government Pension Fund Global returned 9.4 percent in the first half of 2026. This was 0.22 percentage point higher than the return on the benchmark index. The accounting return was 1,753 billion kroner.

Return by asset class

The fund's equity investments returned 13.0 percent in the first half of 2026. Telecommunications, technology and energy delivered the strongest returns. Fixed-income investments returned 0.9 percent in the first half of 2026. Government bonds returned 0.5 percent. The fund's three largest government bond holdings were issued by the US, Japan and Germany.

Unlisted real estate investments returned 3.0 percent. The return was mainly driven by stable rental income, supplemented by a moderate increase in property values. US office and logistics properties contributed most to the increases in value. Investments in unlisted renewable energy infrastructure returned -0.2 percen. Ongoing income from power sales contributed positively, while currency effects contributed negatively to the return in the first half.
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The fund's value at the end of the first half of 2026

22,683
billion kroner

The fund's value was 22,683 billion kroner at the end of the first half of 2026, an increase of 1,416 billion kroner during the period. Of the change in the fund's value, the accounting return amounted to 1,753 billion kroner. The fund received inflows of 89 billion kroner after deduction of costs, while a stronger krone reduced the value by -427 billion kroner.

Equities

72.1%
of the fund

Fixed income

25.8%
of the fund

Real estate

1.6%
of the fund

Unlisted infrastructure

0.5%
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 result is driven by good returns in the equity market, particularly from Asian technology stocks.
Nicolai Tangen
CEO of Norges Bank Investment Management

Positive return on equity investments

Telecommunications, technology and energy were the strongest-performing sectors in the first half of the year. Consumer discretionary, health care and consumer staples delivered the weakest returns.

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Explore the full report

Read more about the investments, results and management in the first half of 2026.

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