Negative return in the third quarter

• Return on the fund’s equity investments: 0.5 percent
• Return on fixed-income investments: -3.5 percent
• Return on unlisted real estate investments: 0.4 percent
• Return on unlisted renewable energy infrastructure: 7.5 percent

The fund’s return was 0.18 percentage points lower than the return on the benchmark index.

“The fund’s return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments. Equity returns were also close to zero, but there were large differences between sectors. Energy companies rose the most, while interest-rate-sensitive sectors such as utilities and real estate fell,” says Deputy CEO Trond Grande of Norges Bank Investment Management.

The fund’s value fell by 670 billion kroner in the third quarter. The accounting return was -278 billion kroner. The krone strengthened during the quarter, which reduced the fund’s value by 472 billion kroner. In the third quarter, 80 billion kroner was added to the fund after management costs.

The fund was valued at 22,014 billion kroner on 30 September 2026. Of this, 72.1 percent was invested in equities, 25.8 percent in fixed income, 1.6 percent in unlisted real estate and 0.5 percent in unlisted renewable energy infrastructure.