The Government Pension Fund Global returned 9.4 percent in the first half of 2026. The accounting return in kroner was 1,753 billion, the highest half-year krone return on record.
The return on the fund's equity investments was 13.0 percent, the return on fixed-income investments was 0.9 percent, and the investments in unlisted real estate returned 3.0 percent. The return on unlisted renewable energy infrastructure was -0.2 percent.
The fund's return was 0.22 percentage points higher than the return on the benchmark index.
"The result is driven by good returns in the equity market, particularly from Asian technology stocks," says Nicolai Tangen, CEO of Norges Bank Investment Management.
The krone appreciated against several of the main currencies during the first half of the year, which reduced the fund’s value by 427 billion kroner. In the first half of the year, inflows into the fund amounted to 89 billion kroner after deduction of expenses. This meant that the value of the fund increased by 1,416 billion kroner in the first half of the year.
As of 30 June 2026, the fund had a value of 22,683 billion kroner. 72.1 percent of the fund 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.
Line Aaltvedt
Head of Communications
Cell phone: (+47) 94 85 46 56
Email: press@nbim.no
The investments of 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.
