Investment Strategy
Norway's Government Pension Fund Global returns 9.4% in first half
Norges Bank Investment Management reported a 9.4% first-half 2026 return for the Government Pension Fund Global, 0.22 percentage point above its benchmark. The fund's value reached NOK 22,683 billion at June-end. Equities returned 13.0%, fixed income 0.9%, unlisted real estate 3.0%, and unlisted renewable-energy infrastructure minus 0.2%.
Norges Bank Investment Management reported that the Government Pension Fund Global returned 9.4% in the first half of 2026, 0.22 percentage point above its benchmark index. The fund was worth NOK 22,683 billion at the end of the half-year, an increase of NOK 1,416 billion during the period. Equities returned 13.0%, fixed-income investments 0.9%, unlisted real estate 3.0%, and unlisted renewable-energy infrastructure -0.2%. NBIM reported an accounting return of NOK 1,753 billion, net inflows of NOK 89 billion and a NOK 427 billion reduction in value from a stronger krone.