Strong return in 2025

The return on the fund’s equity investments was 19.3 percent, the return on the fixed income investments was 5.4 percent, whereas investments in unlisted real estate returned 4.4 percent. The return on unlisted renewable energy infrastructure was 18.1 percent.

The fund’s return was 0.28 percentage point lower than the return on the benchmark index.

“The fund delivered very strong results in 2025. Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return”, says Nicolai Tangen, CEO of Norges Bank Investment Management.

The value of the fund increased with 1,526 billion kroner in 2025. The accounting return was 2,362 billion kroner. The krone appreciated against several of the main currencies during the year and contributed to a fall in the value of 1,155 billion kroner. Inflow after management costs amounted to 319 billion kroner.

The fund had a value of 21,268 billion kroner as of 31 December 2025. 71.3 percent of the fund was invested in equities, 26.5 percent in fixed income, 1.7 percent in unlisted real estate, and 0.4 in unlisted renewable energy infrastructure.