Returns
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Our management mandate is long-term and should be evaluated over time. Therefore, when we report, we also provide returns for the last five and ten years. In addition, we publish historical figures from 2007 back to 1998.
At the end of 2025, the assets under management in the Government Pension Fund Norway and Government Fund Tromsø amounted to NOK 429 billion. Since 2007, active management of Government Pension Fund Norway has provided an excess return of 99 basis points per year. This corresponds to approximately NOK 69 billion and over 16 percent of the fund's value. Without compound interest, the equivalent figure is NOK 36 billion.
Government Pension Fund Norway
Return
2025: +12,7 percent
Last 5 years: +8,07 percent (yearly)
Last 10 years: +8,09 percent (yearly)
Portfolio result
2025: NOK +40 billion
Last 5 years: NOK +130 billion (total)
Last 10 years: NOK +225 billion (total)
Relative return
2025: +76 basis points
Last 5 years: +101 basis points (yearly)
Last 10 years: +88 basis points (yearly)
Government Fund Tromsø
Return
2025: +6,1 percent
Portfolio result
2025: NOK +507 million
Relative return
2025: +48 basis points
Government Pension Fund Norway
Returns in percent
GIPS reports
Folketrygdfondet has been reporting in accordance with the GIPS standard since 2007. This is a global standard established to enable the comparison of investment results from different asset managers.
Risk-adjusted returns
Folketrygdfondet has been publishing a report on risk-adjusted returns over time since 2015. With this report, we aim to provide a broad basis for understanding and evaluating the results of the management of the Government Pension Fund Norway.
Monthly historical return figures.
To contribute to transparency, we also publish historical return figures for the Government Pension Fund Norway in monthly time series.