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Highest return in kroner ever

In 2023, the Government Pension Fund Global returned 16.1 percent, equivalent to 2,222 billion kroner.

30 January 2024

The return on the fund’s equity investments was 21.3 percent, the return on the fixed income investments was 6.1 percent, whereas investments in unlisted real estate returned -12.4 percent. The return on unlisted renewable energy infrastructure was 3.7 percent.

The fund’s return was 18 basis points lower than the return on the benchmark index.

“Despite high inflation and geopolitical turmoil, the equity market in 2023 was very strong, compared to a weak year in 2022. Technology stocks in particular performed very well”, says CEO Nicolai Tangen of Norges Bank Investment Management.

The krone depreciated against several of the main currencies during the year. The currency movements contributed to an increase in the fund’s value of 409 billion kroner. Inflow into the fund amounted to 711 billion kroner.

The fund had a value of 15,765 billion kroner as of 31 December 2023. 70.9 percent of the fund was invested in equities, 27.1 percent in fixed income, 1.9 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.

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Line Aaltvedt
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