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Negative return in the third quarter

In the third quarter of 2022, the Government Pension Fund Global returned -4.4 percent, equivalent to -449 billion kroner.

28 October 2022

The return on the fund’s equity investments was -4.8 percent. The return on the investments in fixed income was -3.9 percent, whereas the investments in unlisted real estate returned -1.1 percent

The fund’s return was 0.14 percentage points stronger than the return on the benchmark index.

“The third quarter has been characterised by rising interest rates, high inflation, and war in Europe. This has also affected the markets. The return was negative for equities, fixed income, and unlisted real estate”, says Deputy CEO at Norges Bank Investment Management Trond Grande.

The krone depreciated somewhat against several major currencies in course of the quarter. Currency movements contributed to an increase in the fund’s value of 702 billion kroner. In the third quarter, inflow into the fund amounted to 306 billion kroner.

The fund had a value of 12,216 billion kroner as at 30 September 2022. 68.3 percent of the fund was invested in equities, 28.5 percent in fixed income, 3.1 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.

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

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


Key figures 3Q 2022