To main content

Strong returns in the first half of the year

In the first half of 2023, the Government Pension Fund Global returned 10,0 percent, equivalent to 1 501 billion kroner.

16 August 2023

The return on the fund’s equity investments was 13.7 percent, the return on the fixed income investments was 2.2 percent, whereas investments in unlisted real estate returned -4.6 percent. The return on unlisted renewable energy infrastructure was -6.5 percent.

The fund’s return was 0.23 percentage points less than the return on the benchmark index, equivalent to -33 billion kroner.

"The stock market has been very strong in the first half of the year, following a weak year in 2022. Especially technology stocks have seen significant growth, largely driven by the increased demand for new solutions in artificial intelligence", says CEO of Norges Bank Investment Management Nicolai Tangen.

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 980 billion kroner. In the first half of the year, inflow into the fund amounted to 389 billion kroner.

The fund had a value of 15,299 billion kroner as at 30 June 2023. 71.3 percent of the fund was invested in equities, 26.4 percent in fixed income, 2.3 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.

In addition to the half-year report, we are publishing:

A new expectation document on consumer interests
Our view on responsible use of artificial intelligence
A review of our voting in first half 2023

Press contact:
Line Aaltvedt
Head of Media
Tel: +47 948 54 656

Read the report

Related information