Government Pension Fund Norway surpasses NOK 450 billion
Folketrygdfondet delivered a return of 9.7 per cent in the Government Pension Fund Norway (GPFN), equivalent to NOK 40.1 billion, and invested capital was NOK 453.7 billion in the first quarter of 2026. The Government Fund Tromsø (GFT) recorded a return of -10.4 per cent, corresponding to a loss of NOK 1.6 billion, and invested capital of NOK 13.9 billion at the end of the quarter.
– The Oslo Stock Exchange has performed strongly over time and was also among the strongest exchanges globally in the first half of the year, largely driven by significant fluctuations in the oil price. This resulted in a positive absolute return for GPFN, but we are still somewhat behind the market so far this year.For GFT, the result was negative, but ahead of the market, says Kjetil Houg, CEO of Folketrygdfondet.
Government Pension Fund Norway
The Government Pension Fund Norway delivered a return of 7.4 percent and an excess return of -0.19 percentage points in the first half of the year. The equity portfolio was up 11.0 percent and contributed -0.36 percentage points to the excess return. The fixed-income portfolio was up 1.0 percent and contributed 0.16 percentage points to the excess return.
– Large movements among the heavyweights in the equity portfolio have caused significant fluctuations so far this year. As a major investor in the Norwegian market, we take a long-term view of our management and remain committed to the strategies that have served us well over time. In the fixed-income portfolio, developments are being shaped by expectations of a persistently higher interest-rate level, says Houg.
For the second quarter, the return was -2.0 percent, which is 0.38 percentage points higher than the benchmark index. Since 2007, active management has generated an excess return of 0.95 percentage points per year. This corresponds to approximately NOK 74 billion and almost 17 percent of the fund’s value. Excluding compound interest, the corresponding figure is NOK 35 billion.
Government Fund in Tromsø
The Government Fund in Tromsø delivered a return of -5.4 percent and an excess return of 0.30 percentage points in the first half of the year. For the second quarter, the return was 5.6 percent and the excess return was 0.10 percentage points.
– After a marked decline in the first quarter, we are seeing the Nordic small-cap market recover somewhat. We are ahead of the market for the third consecutive quarter since inception, which we are very pleased with, says Houg.