Q1 2022: Positive contribution by high energy prices in a turbulent market

The Government Pension Fund Norway, which is managed by Folketrygdfondet, achieved a return of -0.1% in Q1 2022, equivalent to NOK -0.4 billion. The fund capital totalled NOK 332.5 billion at quarter-end.

Interest rate rises and higher commodity prices shaped developments in Q1 2022.


“Oslo Stock Exchange relatively strong quarterly performance helped maintain the fund capital,” says Folketrygdfondet CEO Kjetil Houg.  

The -0.1% return on the Government Pension Fund Global was 0.3 percentage points higher than the first-quarter return on the Fund’s benchmark index.


The quarterly return on the equity portfolio was 2.4%, 0.4 percentage points above the equities benchmark index. The return on the fixed-income portfolio was -4.4%, on a par with the fixed-income benchmark.


“The equity portfolio generated a satisfactory excess return in the first quarter, spread across different sectors. Among other things, we benefited from our investments in aquaculture and our limited exposure to consumer goods and real estate,” says Kjetil Houg.

The Government Pension Fund Norway has achieved an average annual return of 9.2% over the past 10 years, outperforming the market by 0.7 percentage points per year.