Strong return in the third quarter
In the third quarter of 2025, the Government Pension Fund Global returned 5.8 percent.
29 October 2025
The return on the fund's equity investments was 7.7 percent, the return on fixed-income investments was 1.4 percent, and the investments in unlisted real estate returned 1.1 percent. The return on unlisted renewable energy infrastructure was 0.3 percent.
The fund's return was 0.06 percentage point lower than the return on the benchmark index.
"The result is driven by strong returns in the stock market, particularly in basic materials, telecommunications and the financial sector", says Trond Grande, deputy CEO of Norges Bank Investment Management.
The value of the fund increased with 854 billion kroner in the third quarter of the year. The accounting return was 1,032 billion kroner. The krone appreciated against several of the main currencies during the quarter and contributed to a fall in the value of the fund of 259 billion kroner. In the third quarter of the year, inflows into the fund amounted to 81 billion kroner after management costs.
As of 30 September 2025, the fund had a value of 20,440 billion kroner. 71.2 percent of the fund was invested in equities, 26.6 percent in fixed income, 1.8 percent in unlisted real estate and 0.4 percent in unlisted renewable energy infrastructure.
