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Negative returns in the first half of the year

In the first half of 2022, the Government Pension Fund Global returned -14,4 percent, equivalent to -1 680 billion kroner.

17 August 2022

The return on the fund’s equity investments was -17.0 percent, the return on the fixed income investments was -9.3 percent, whereas investments in unlisted real estate returned 7.1 percent. The return on unlisted renewable energy infrastructure was -13.3 percent.

The fund’s return was 1.14 percentage points better than the return on the benchmark index, equivalent to 156 billion kroner.

“The market has been characterised by rising interest rates, high inflation, and war in Europe. Equity investments are down with as much as 17 percent. Technology stocks have done particularly poorly with a return of -28 percent”, says CEO of Norges Bank Investment Management Nicolai Tangen.

All sectors have seen negative returns, with the exception of energy.

“In the first half of the year, the energy sector returned 13 percent. We have seen sharp price increases for oil, gas, and refined products”, Tangen says.

The krone depreciated against several of the main currencies during the quarter. The currency movements contributed to an increase in the fund’s value of 642 billion kroner. In the first half of the year, inflow into the fund amounted to 356 billion kroner.

The fund had a value of 11,657 billion kroner as at 30 June 2022. 68.5 percent of the fund was invested in equities, 28.3 percent in fixed income, 3.0 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.

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

Line Aaltvedt
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Phone: +47 948 54 656


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