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Strong equity return in the first quarter

In the first quarter of 2021, the Government Pension Fund Global returned 4.0 percent, equivalent to 382 billion kroner.

21 April 2021

The return on the fund’s equity investments was 6.6 percent. Investments in unlisted real estate returned 1.4 percent, whereas investments in fixed income returned -3.2 percent. The fund’s return was 24 basis points higher than the return on the benchmark index.

“The equity investments had the most positive contribution to the return in the quarter. The rise of the equity market was to a great extent driven by the finance and energy sector”, says Deputy CEO at Norges Bank Investment Management, Trond Grande.

The krone appreciated against several of the main currencies during the quarter. The currency movements contributed to a decrease in the fund’s value of 178 billion kroner. In the first quarter, 83 billion kroner was withdrawn from the fund.

The fund had a value of 11,034 billion kroner as at 31 March 2021. 73.1 percent of the fund was invested in equities, 2.5 percent in unlisted real estate, and 24.5 percent in fixed income.

Press contacts:
Marthe Skaar
Head of Media and External Relations
Phone: + 47 926 17 663

Line Aaltvedt
Manager, Media and External Relations
Phone: +47 948 54 656


See presentation (pdf)