Annual report 2023
Government Pension Fund Global
Published: 27 February 2024
Strong return on the fund's investments
The fund’s market value grew by a record 3,336 billion kroner in 2023. The increase was mainly due to a strong return on 2,222 billion kroner and a weak krone. This took the fund past the 16 trillion kroner mark for the first time.
CEO Nicolai Tangen and Deputy CEO Trond Grande presented the annual key figures for 2023. We also heard from various experts in the fund, who provided a deeper insight into some specific areas and sectors of relevance in the year that has passed. The press conference was held on 30 January.
The fund's return in 2023
The Government Pension Fund Global returned 16.1 percent, or 2,222 billion kroner, in 2023. The return in kroner was the largest in the fund's history. This was -0.18 percentage point, or 26 billion kroner, lower than the return on the benchmark index.
Return by asset class
Despite strong inflation, rising policy rates and geopolitical turmoil, the stock market rallied in 2023. The return on fixed-income investments were affected by rising yields for much of the year before dropping back in the last two months.
The fund's market value at the end of 2023
The fund’s market value grew by a record 3,336 billion kroner in 2023. A strong return on the fund’s equity investments made the greatest contribution to this growth. The krone also weakened against many of the currencies the fund is invested in, and there was an inflow of capital from the government.
The fund’s investments spanned 72 countries and 43 currencies
At the end of 2023, the fund was invested in 8,859 listed companies, 6,378 bonds, 897 properties and four wind farms. We have published detailed information on all investments since the fund was established in 1998.
CEO of Norges Bank Investment Management
Strong year for equity investments
US technology stocks in particular contributed to the positive return on the fund's equity investments. The sector benefited from efficiencies and increased demand for new AI solutions from the biggest internet and software companies and their semiconductor suppliers. Consumption and economic activity generally held up over the year despite higher prices and rising interest rates. Despite fears of recession, demand for products within the industrials sector remained strong.
Responsible investment 2023
We publish a separate report on the responsible investment management of the fund every year.
Long-term ownership in a changing world
Scenario analyses
Each year, we publish the results of analyses of a number of hypothetical scenarios. These scenarios may change from year to year to reflect market developments and events that could impact economic performance. In 2023, we analysed three potential scenarios that could have a significant adverse impact on the fund’s value over time:
Debt crisis
Divided world
Repricing of risk
Explore the full report
Read more about the investments, results and the management organisation. The annual report also includes the financial statements for 2023.