Folketrygdfondet up by 11 billion NOK in the first quarter

Overall, for the first quarter, the return was in line with the benchmark index. The equity portfolio's return was 4.40 percent, and the fixed income portfolio's return was 0.47 percent.

"We deliver a result in line with the market. On the equity side, it is especially companies within finance that pull up, while companies within, among others, health fall. In the fixed income portfolio, it was stable throughout the quarter," says Kjetil Houg, CEO of Folketrygdfondet.

Norway Strongest in the Nordics

There is a wide spread in the Nordic stock market in the first quarter of the year. The Norwegian market leads in the Nordics with an increase of 6.4 percent, followed by the Finnish market with 4.9 percent and the Swedish market with 1.6 percent. The Danish market is affected by the decline in the health sector with a decrease of 17 percent. The figures are measured in local currency.

"The year started with a solid rise in the Nordic market, but increasing geopolitical uncertainty related to international trade contributed to dampening the mood towards the end of the quarter," says Houg.

Key Figures from the Report

• The Government Pension Fund Norway had a return of 2.93 percent in the first quarter of 2025. This is in line with the benchmark index.
• The equity portfolio's return was 4.40 percent in the first quarter of 2025. This is 0.07 percentage points lower than the benchmark index.
• The fixed income portfolio's return was 0.47 percent in the first quarter of 2025. This is 0.13 percentage points higher than the benchmark index.
• Since 2007, the Government Pension Fund Norway's return has been 7.5 percent annually. Active management during this period has provided an excess return of 1.0 percentage points per year. This corresponds to approximately 61 billion NOK and over 15 percent of the fund's value.
• Over the past ten years, the Government Pension Fund Norway's return has been 7.2 percent annually.