Half-year report 2024
Government Pension Fund Global
Published: 14 August 2024
Positive return on the fund's investments
The fund’s market value increased by 1,980 billion kroner to 17,745 billion kroner in the first half of 2024. The fund’s return for the period was 8.6 percent, or 1,478 billion kroner, which is 0.04 percentage point less than the return on the benchmark index.
CEO Nicolai Tangen and Deputy CEO Trond Grande presented the fund's first half 2024 results at the Norwegian democracy festival Arendalsuka. They discussed how the market has developed so far this year, and how this has affected the fund's results. Chief Governance and Compliance Officer Carine Smith Ihenacho also presented our new initiatives towards the companies we invest in. The press conference was in Norwegian.
The fund's return in the first half of 2024
The Government Pension Fund Global returned 8.6 percent, or 1,478 billion kroner, in the first half of 2024. This was 0.04 percentage point less than the return on the benchmark index.
Return by asset class
The equity investments had a first strong half, where tech stocks in particular contributed to the positive return. The return on fixed-income investments were affected by the inflation which held at higher levels than expected. Employment and economic growth surprised to the upside, especially in the US. led to interest rates remaining higher than expected.
The fund's market value at the end of the first half of 2024
The fund’s market value increased by 1,980 billion kroner to 17,745 billion kroner in the first half of 2024.
See every single investment
You can search in all of the fund's investments by country, asset class and sector. This information is available for every year since our first investment in 1998. From now on, the overview is updated twice a year.
CEO of Norges Bank Investment Management
Strong first half for equity investments
Technology stocks delivered a very strong return for the period. The sector benefited from strong demand for new AI solutions from the biggest internet and software companies and their semiconductor suppliers. Robust global economies and an increase in consumer borrowing resulted in higher bank revenue for the financials sector. Health care stocks benefited from demand for health services, positive results from a number of major clinical studies, and increased demand for innovative treatments and technologies.
Our voting in first half 2024
The first half of the year is the busy season for voting, with more than two thirds of companies’ annual shareholder meetings taking place between April and June.
90,449 votes at shareholder meetings
We have published a summary of our voting in the first half of the year
Explore the full report
Read more about the investments, results and management in the first half of 2024, including the financial statements.