The Government Pension Fund Norway (GPFN) achieved a result of NOK 31bn in the first half of 2025, equivalent to 8.31 per cent, outperforming its benchmark by 0.21 percentage points.

The GPFN’s assets reached NOK 405bn at the end of 30 June 2025.
Folketrygdfondet, which manages the fund, said equities and fixed income contributed positively to the return.

In the Nordic region, Folketrygdfondet said there was “significant variation” in equity market returns.

The Finnish market led with a rise of 16 per cent, followed by Norway at 13.8 per cent and Sweden at 1.7 per cent.

However, the Danish market was affected by a decline in the healthcare sector, with a drop of 14.6 per cent. Figures are measured in local currency.

“The Nordic market has performed well overall so far this year, despite concerns over US tariffs and a sharp decline in major healthcare stocks such as Novo Nordisk,” Folketrygdfondet CEO, Kjetil Houg, said.

Overall, the equity portfolio rose by 11.3 per cent, while the fixed income portfolio increased by 3.3 per cent in the first half.

Financial sector companies were the main drivers on the equity side, while sectors such as healthcare declined, as seen in Denmark.

Stable interest rates and credit spreads contributed to the return in the fixed income portfolio.

“A broad-based upswing on the Oslo Stock Exchange boosted the result. We also deliver strong management and are ahead of the market. We are pleased that the GPFN surpassed NOK 400bn,” Houg said.

The second-quarter result was 5.23 per cent, which is 0.21 percentage points above the benchmark index.

Houg also provided details on the newly established Government Fund in Tromsø, passed into law by the Norwegian Parliament in June 2024.

The fund, which invests in smaller publicly listed companies in the Nordic region, has an initial capital of NOK 15bn with the flexibility to increase to NOK 30bn once properly established.

“In the first half, we recruited a team of five people, moved into a new office, and held an official opening attended by the Minister of Finance. Before the summer, we also made the first investment, and the fund is now in a build-up phase,” Houg said.

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