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Strong equity return in the first quarter

In the first quarter of 2023, the Government Pension Fund Global returned 5.9 percent, equivalent to 893 billion kroner.

21 April 2023

The return on the fund’s equity investments was 7.4 percent. Investments in fixed income returned 2.7 percent, whereas unlisted real estate returned -1.0 percent and unlisted renewable energy infrastructure returned -3.8. The fund’s return was 0.06 percentage point below 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 technology and consumer discretionary sector”, says Deputy CEO at Norges Bank Investment Management, Trond Grande.

The krone depreciated against several of the main currencies during the quarter. The currency movements contributed to a considerable increase in the fund’s value of 755 billion kroner. The inflow into the fund amounted to 217 billion kroner.

The fund had a value of 14,294 billion kroner as of 31 March 2023. 70.1 percent of the fund was invested in equities, 27.3 percent in fixed income, 2.4 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure. 

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Marthe Skaar
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Phone: +47 926 17 663

Line Aaltvedt
Head of Media and Internal Communications
Tel: +47 948 54 656


Key figures 1Q 2023