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Negative return in the first quarter

In the first quarter of 2022, the Government Pension Fund Global returned -4.9 percent, equivalent to -653 billion kroner.

21 April 2022

The return on the fund’s equity investments was -5.2 percent. The return on the investments in fixed income was -4.8 percent, whereas the investments in unlisted real estate returned 4.1 percent.

The fund’s return was 0.66 percentage points, or 82 billion kroner, stronger than the return on the benchmark index.

“The first quarter has been characterised by geopolitical turbulence, which has also affected the markets. The return was negative for both equities and fixed income, but positive for unlisted real state”, says Deputy CEO at Norges Bank Investment Management Trond Grande.

The krone strengthened against several major currencies in course of the quarter. Currency movements contributed to a decrease in the fund’s value of 171 billion kroner. In the first quarter, inflow into the fund amounted to 141 billion kroner.

The fund had a value of 11,657 billion kroner as at 31 March 2022. 70.9 percent of the fund was invested in equities, 26.3 percent in fixed income, 2.7 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.

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


Key figures 1Q 2022