Norway's Government Pension Fund Global Posts 15.1% Return, 1.7 Percent of the Fund Was Invested in Real Estate

The Government Pension Fund Global returned 15.1 percent in 2025, delivering a 1,526 billion kroner gain, Norges Bank Investment Management announced on January 29, 2026. The fund's value reached 21,268 billion kroner as of December 31, 2025.

Nicolai Tangen, CEO of Norges Bank Investment Management, attributed the strong performance to specific sectors. "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," Tangen said.

Real Estate Portfolio Performance and Allocation

The fund's unlisted real estate investments returned 4.4 percent in 2025. As of year-end, 1.7 percent of the fund was invested in unlisted real estate.

The real estate return trailed the fund's equity investments, which posted a 19.3 percent return, but exceeded the fixed income portfolio's 5.4 percent gain. The fund's unlisted renewable energy infrastructure investments delivered an 18.1 percent return.

Fund Composition and Currency Impact

The Government Pension Fund Global's asset allocation at year-end showed 71.3 percent invested in equities, 26.5 percent in fixed income, 1.7 percent in unlisted real estate, and 0.4 percent in unlisted renewable energy infrastructure.

The accounting return for 2025 totaled 2,362 billion kroner. Currency movements affected the fund's value, with the krone appreciating against several major currencies during the year, contributing to a 1,155 billion kroner reduction in value. Inflow after management costs amounted to 319 billion kroner.

Benchmark Performance

The fund's return was 0.28 percentage point lower than the return on its benchmark index.