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Strong return in the first quarter

In the first quarter of 2024, the Government Pension Fund Global returned 6.3 percent, equivalent to 1,210 billion kroner.

18 April 2024

The return on the fund’s equity investments was 9.1 percent, the return on the fixed income investments was -0.4 percent, whereas investments in unlisted real estate returned -0.5 percent. The return on unlisted renewable energy infrastructure was -11.4 percent.

The fund’s return was 0.1 percentage point lower than the return on the benchmark index. The relative return was good for equity and fixed-income investments, but this was offset by weak results from real estate, leading to a negative result overall.

"Our equity investments had a very strong return in the first quarter, particularly driven by the tech sector”, says Deputy CEO Trond Grande.

The krone weakened against several of the main currencies during the quarter. The currency movements contributed to an increase in the fund’s value of 647 billion kroner. In the first quarter, inflow into the fund amounted to 96 billion kroner.

The fund had a value of 17,719 billion kroner as at 31 March 2024. 72.1 percent of the fund was invested in equities, 26.0 percent in fixed income, 1.8 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.

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

See the key figures for 1Q 2024