Norges Bank Investment Management (NBIM), responsible for the investments of Norway’s Government Pension Fund Global (GPFG), has delivered a 15.1 per cent return in 2025.

Equity investments were the main driver of performance, returning 19.3 per cent over the year.

Fixed income investments returned 5.4 per cent, while unlisted real estate delivered a return of 4.4 per cent.

Investments in unlisted renewable energy infrastructure returned 18.1 per cent.

Overall, the fund’s return was 0.28 percentage points lower than that of its benchmark index.

Commenting on the results, NBIM chief executive officer, Nicolai Tangen, said the fund had produced “very strong results” during the year.

“Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return,” he added.

Meanwhile, the value of the NBIM increased by NOK 1,526bn during 2025.

The accounting return for the year was NOK 2,362bn, although currency movements weighed on the overall value.

Indeed, the Norwegian krone appreciated against several major currencies, reducing the fund’s value by NOK 1,155bn.

Net inflows to the fund, after management costs, amounted to NOK 319bn over the year.

As at 31 December 2025, the fund had a total value of NOK 21,268bn.

Of this, 71.3 per cent was invested in equities, 26.5 per cent in fixed income, 1.7 per cent in unlisted real estate, and 0.4 per cent in unlisted renewable energy infrastructure.

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