Invested globally outside Norway

The fund is one of the world’s largest and is broadly invested across countries, sectors and currencies. It holds shares, bonds and real estate all around the world, but invests only abroad so that the Norwegian economy does not overheat.

Investment areas


The equity investments are spread across 9,000 companies to capture global value creation and diversify risk as best possible. Up to 70 percent of the fund can be invested in equities.

Real estate

We invest in high-quality real estate in a limited number of major cities and global distribution networks. Up to 7 percent of the fund can be invested in unlisted real estate.

Fixed income

The fixed-income investments are allocated bonds issued by governments and related institutions and securities issued by companies. Up to 30 percent of the fund can be invested in fixed-income.

Investment strategy

The Ministry of Finance decides the overall investment strategy for the fund. Material changes are anchored in the Norwegian Parliament. The fund strategy is expressed through the management mandate to Norges Bank. The mandate defines a benchmark index based on indices from external providers, and puts certain constrains and requirements on us as the operational manager. There are investment opportunities available that will improve the diversification of the fund beyond what can be achieved through the benchmark index. We have created a reference portfolio that serves as a starting point for our investment strategies. These strategies are complementary and tailored to the fund's unique characteristics:

Fund allocation

The aim is to improve the fund's market and risk exposure in the long term through a reference portfolio more adapted to the fund characteristics than the benchmark index.

Security selection

The aim is to achieve excess return compared to relevant benchmarks.

Asset management

We aim to generate good return over time through asset positioning and securities lending, and lowering transaction costs.

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 2019

Read more about the investments and results in the annual report on the fund.