Investments

The fund is a global investor with a long-term investment horizon. The aim is to achieve the highest possible return. It is only invested abroad so that the Norwegian economy does not overheat.

View all the investments

Search in all of the investments by country, asset class and sector.

The fund's return

Return on the investments accounts for more than half of the fund's value.

How the fund is invested

The fund has a small stake in more than 8,500 companies across countries, sectors and currencies worldwide. The fund is now one of the world’s largest investors, owning almost 1.5 percent of all shares in the world’s listed companies. Another part is invested in bonds, which are a type of loan to governments and companies. The fund also owns 900 properties across major cities and renewable energy infrastructure projects.

Explore
All investments
Investment areas
The fund's value
Returns
Risk management
Investment strategy
Benchmark index
External mandates
Investment Conference

Investment areas

The fund's investments are spread across most markets and currencies to capture global value creation and diversify risk as best as possible. About 70 percent is invested in equities and 30 percent in fixed income. Up to 7 percent can be invested in unlisted real estate and up to 2 percent in unlisted renewable energy infrastructure.

Equities

Most of the fund (70%) is invested in equities. We have ownership interests in more than 8,500 companies.

Fixed income

Another part (30%) is invested in bonds, which are a type of loan to governments and companies.

Real estate

A smaller portion (7%) can be invested in unlisted office and retail properties in major cities, and in logistics properties.

Infrastructure

A final slice (2%) can be invested in renewable energy infrastructure, mainly in wind and solar projects.

View every single investment

Search in all of the fund’s investments by country, asset class and sector. This information is updated twice a year and is available since our first investment in 1998.

Highest share of the fund Lowest

The fund's development

The largest portion of the fund's value is return on the investments. The fund's value is also affected by capital inflows and withdrawals from the government. Since the fund is only invested abroad, it is also influenced by fluctuations in the krone rate.

Billion kroner

The return

6.3%
11,094
billion kroner

More than half of the fund's value is return on the investments. Since 1998 the fund has generated an annual return of 6.34 percent, or 11,094 billion kroner.

Investment strategy

The Ministry of Finance decides the overall investment strategy for the fund. Material changes require approval from the Storting – the Norwegian parliament. The strategy is communicated to Norges Bank in a mandate for the operational management of the fund. The mandate sets out what we can invest in, how the results are to be measured, and various requirements for how we go about managing the fund.

Norges Bank’s Executive Board issues a strategic plan for the management of the fund, including the main strategies that Norges Bank Investment Management is to employ in pursuit of our goal of the highest possible return. We use a variety of complementary investment strategies that are tailored to the fund’s unique characteristics, such as its size and long-term investment horizon.

Investment risk

The value of the fund may fluctuate considerably from year to year. We use a variety of measures and risk analyses to obtain the broadest possible picture of the fund's market risk.

Annual report 2024

The fund returned 13.1 percent, or a record-high 2,511 billion kroner, in 2024. The fund’s value increased by 3,985 billion kroner, the biggest increase in krone terms in its history.