New record high and NOK 4.5 billion invested from Tromsø
The Government Pension Fund Norway, managed by Folketrygdfondet, achieved a result of NOK 4 billion in the third quarter of 2025. This corresponds to a return of 1.0 percent. The fund’s capital was NOK 407 billion at the end of the quarter.
Both equities and fixed income contributed positively to the return for the Government Pension Fund Norway. The equity portfolio is up 1.2 percent, while the fixed income portfolio is up 0.7 percent in the third quarter. On the equity side, companies in the durable consumer goods sector contributed positively, while companies in sectors such as health declined. Stable interest rates and credit spreads contributed to the return in the fixed income portfolio. The result is 0.25 percentage points higher than the benchmark index.
“There is still strong momentum in the Nordic high-yield market, which has now grown to become the third largest in the world. In the equity market, it is encouraging that we are continuously improving Nordic asset management and increasingly able to seize opportunities outside Norway,” says CEO Kjetil Houg.
Establishment of the Government Fund in Tromsø
The fund, which invests in smaller listed companies in the Nordics, had invested NOK 4.5 billion of its initial capital of NOK 15 billion by the end of the quarter. The capital may be increased to NOK 30 billion once some experience has been gained. The Ministry of Finance has set a threshold of NOK 5 billion before measurement of return and risk comes into effect.
“The portfolio build-up is well underway, and we have approved 140 companies for investment. The experience so far confirms that there are good investment opportunities for a long-term investor, with many interesting quality companies in the Nordic market for smaller listed companies,” says Houg.