Negative return in the first quarter
In the first quarter of 2026, the Government Pension Fund Global returned -1.9 percent.
23 April 2026
The return on the fund's equity investments was -2.6 percent, the return on fixed-income investments was -0.2 percent, and the investments in unlisted real estate returned 1.2 percent. The return on unlisted renewable energy infrastructure was -1.9 percent.
The fund's return was 0.01 percentage point higher than the return on the benchmark index.
“The result reflects a quarter with challenging market conditions. We saw limited impact on fixed income and real estate, but it was the decline in equities, especially among large US technology companies, that determined the outcome”, says Trond Grande, deputy CEO of Norges Bank Investment Management.
The value of the fund decreased by 1,270 billion kroner in the first quarter of the year. The accounting return was -636 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 646 billion kroner. In the first quarter of the year, inflows into the fund amounted to 13 billion kroner after management costs.
As of 31 March 2026, the fund had a value of 19,998 billion kroner. 70.2 percent of the fund was invested in equities, 27.6 percent in fixed income, 1.8 percent in unlisted real estate and 0.4 percent in unlisted renewable energy infrastructure.
