Norway’s Government Pension Fund Global made a loss of -1.9 per cent in the first quarter (Q1) of 2026, Norges Bank Investment Management (NBIM), which is responsible for the fund, has revealed.

By asset class, the fund's quarterly results showed that the return on the fund’s equity investments was -2.6 per cent, the return on fixed-income investments was -0.2 per cent, and unlisted real estate returned 1.2 per cent.

The return on unlisted renewable energy infrastructure was -1.9 per cent.

Despite the negative return, GPFG’s return was 0.01 percentage point higher than the benchmark index's return.

Commenting, NBIM deputy CEO, Trond Grande, said: “The result reflects a quarter with challenging market conditions. We saw limited impact on fixed income and real estate, but it was the decline in equities, especially among large US technology companies, that determined the outcome.”

As a result of the poor return, the value of the fund decreased by NOK 1,270bn in Q1, while the accounting return was NOK -636bn.

During Q1, the krone appreciated against several of the main currencies and contributed to a fall in the value of the fund of NOK 646bn.

Inflows into the fund during Q1 amounted to NOK 13bn after management costs.

At the end of Q1, 70.2 per cent of the fund was invested in equities, 27.6 per cent in fixed income, 1.8 per cent in unlisted real estate and 0.4 per cent in unlisted renewable energy infrastructure.

As of 31 March 2026, the fund had a value of NOK 19,998bn.

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