Positive return in the first half of the year

The return on the fund's equity investments was 6.7 percent, the return on fixed-income investments was 3.3 percent, and the investments in unlisted real estate returned 4.0 percent. The return on unlisted renewable energy infrastructure was 9.4 percent. 

The fund's return was 0.05 percentage points lower than the return on the benchmark index.  

"The result is driven by good returns in the stock market, particularly in the financial sector," says Nicolai Tangen, CEO of Norges Bank Investment Management. 

The value of the fund fell by 156 billion kroner in the first half of the year. The accounting return was 698 billion kroner. The krone appreciated against several of the main currencies during the first half of the year and contributed to a fall in the value of the fund of 1,010 billion kroner. In the first half of the year, inflows into the fund amounted to 156 billion kroner after deduction of expenses.  

As of 30 June 2025, the fund had a value of 19 586 billion kroner. 70.6 percent of the fund was invested in equities, 27.1 percent in fixed income, 1.9 percent in unlisted real estate and 0.4 percent in unlisted renewable energy infrastructure.