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Who owns and manages the fund?
The fund belongs to the Norwegian people, represented by the Government and the Storting, Norway’s parliament. It is a sovereign wealth fund—not an investment account individuals can open or a mutual fund sold to consumers.
The Ministry of Finance has formal responsibility for the fund and sets its overall investment strategy through a management mandate. Norges Bank manages the portfolio operationally within that mandate; Norges Bank Investment Management (NBIM), a part of the central bank, carries out the investment management and reports on performance. The stated objective is the highest possible long-term return after costs, subject to acceptable risk, with responsible management conducted within that financial objective. The mandate sets eligible markets, asset classes and risk limits. NBIM’s investment strategy
What does the 70/30 benchmark mean?
The Ministry’s strategic benchmark is 70 percent equities and 30 percent fixed income. It is the reference portfolio used to guide investment and assess results, not a promise that the fund’s actual holdings will always match those weights. The strategic allocation has been 70/30 since 1 May 2019. The equity benchmark uses indices from FTSE Russell and the bond benchmark uses Bloomberg indices. NBIM’s benchmark index
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At 31 December 2025, the actual portfolio was reported as follows. These are year-end holdings, not the benchmark allocation:
| Asset class | Share of actual portfolio at 31 December 2025 |
|---|---|
| Equities | 71.3% |
| Fixed income | 26.5% |
| Unlisted real estate | 1.7% |
| Unlisted renewable energy infrastructure | 0.4% |
The reported percentages are rounded. Unlisted real estate and renewable energy infrastructure are not additional parts of the benchmark’s 70/30 equity-and-bond mix. The fund finances them by selling equities and fixed-income securities from the benchmark portfolio; return comparisons account for the benchmark securities sold to fund these investments.
How does NBIM invest?
NBIM describes its approach through three complementary strategies. Each can affect performance differently, and none is expected to outperform in every period.
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Market exposure
This strategy provides broad, cost-effective exposure to equities and bonds represented in the benchmark. It gives the portfolio its central connection to global market returns.
Security selection
NBIM analyses and selects companies and other securities, taking positions that can differ from benchmark weights. It uses both internal and external managers. This can increase or reduce returns relative to the benchmark.
Fund allocation
Fund allocation uses approaches intended to improve the fund’s return and risk characteristics over time, including the unlisted real estate and renewable energy infrastructure investments. Such investments and other allocation decisions can affect relative performance over a particular period.
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In its 2025 annual report, NBIM said market exposure contributed positively to relative return that year, while security selection and fund allocation contributed negatively. NBIM also reported that the fund’s total return over the preceding three years had been below the benchmark because fund allocation contributed negatively. These are the manager’s attributions for those periods, not forecasts. NBIM’s 2025 annual report
What returns did the fund report?
Unless noted otherwise, the figures below are NBIM’s reported returns in the fund’s currency basket—a weighted combination of currencies in the equity and bond benchmark. They describe investment performance for the stated period, not a guaranteed future outcome.
Full-year 2025
| Measure | NBIM-reported result |
|---|---|
| Total return | 15.1% in 2025 |
| Return relative to benchmark | 0.28 percentage point below the benchmark in 2025 |
| Equity return | 19.3% in 2025 |
| Fixed-income return | 5.4% in 2025 |
| Unlisted real estate return | 4.4% in 2025 |
| Unlisted renewable energy infrastructure return | 18.1% in 2025 |
NBIM’s 29 January 2026 release quoted its chief executive, Nicolai Tangen: “The fund delivered very strong results in 2025. Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return”. The statement describes the 2025 result; it does not indicate which sectors will lead in future years. NBIM’s 29 January 2026 press release
Longer-term results through 2025
For 1998–2025, NBIM reported an average annual return of 6.6 percent. The annualised net real return over that period was 4.3 percent per year after inflation and management costs. Long-run figures smooth over variation between years; they are not annual targets.
NBIM also reported average annual excess returns relative to adjusted asset-class benchmarks: 0.44 percentage point for equity management since 1999, and 0.25 percentage point for fixed-income management since 1998. These are management comparisons over the stated periods, not the fund’s total annual return.
Updated annualised figure through June 2026
NBIM’s returns page reported an annualised return of 6.86 percent from 1 January 1998 through 30 June 2026. This is a later measurement period than the annual report’s 6.6 percent average annual return through 2025, so the figures should not be treated as conflicting readings for the same dates. NBIM’s fund returns page
Why can the fund’s value in kroner change differently from its return?
The fund’s currency-basket return and the change in its reported value in Norwegian kroner measure different things. Currency exchange rates affect how the portfolio is valued in kroner, while inflows and outflows change the amount of capital in the fund.
In 2025, NBIM reported a 2,362 billion kroner accounting return, while the fund’s value increased by 1,526 billion kroner. Inflows added capital, and appreciation of the krone against several major currencies reduced the value expressed in kroner. The return, cash flows and currency conversion therefore need to be considered separately when interpreting the year-end value change. NBIM’s 2025 annual report
How to read a GPFG return figure
- Check the dates. A one-year result, a multi-year average and a since-inception annualised return cover different periods.
- Check the comparison. Total return measures the fund’s investment performance; return relative to benchmark measures the difference against its reference portfolio.
- Check the currency basis. A currency-basket return is not the same as a change in the fund’s value in kroner.
- Check what is included. The 4.3 percent long-term real return is after inflation and management costs; the 2025 asset-class returns and total return are reported for that year.
NBIM’s English annual report is translated from Norwegian for information purposes; the official Norwegian version is the signed report. NBIM’s annual report page
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