The invested capital of Norway's Folketrygdfondet climbed to NOK 429bn at the end of 2025, as it delivered positive returns for the Government Pension Fund Norway (GPFN) and the Government Fund in Tromsø.

“We also deliver good management and excess returns in both funds. We have gained a larger footprint in the Nordics and thus a stronger management environment,” he said.

The GPFN achieved a return of 12.7 per cent and an excess return of 0.76 percentage points in 2025. The equity portfolio increased by 17.2 per cent and contributed 0.47 percentage points to the excess return.

The fixed income portfolio also delivered a return of 5.2 per cent and contributed 0.26 percentage points to the excess return. The remaining 0.03 percentage points come from derivative strategies and asset class allocation.

“The value of a Nordic perspective becomes clear when half of the excess return on the equity side comes from our neighbouring countries. In the fixed income portfolio, solid performance in loans to both banks and industrial companies, as well as a strong high yield market, contributes to the result,” Houg said.

Since 2007, active management has delivered an excess return of 0.99 percentage points per year to the GPFN, corresponding to approximately NOK 69bn and over 16 per cent of the fund's value. Without compound interest, the equivalent figure is NOK 36bn.

Meanwhile, the Government Fund in Tromsø achieved a return of 6.1 per cent and an excess return of 0.48 percentage points from 9 October until the end of 2025. This was the date when the invested capital exceeded NOK 5 billion and the mandate's risk limits came into effect.

The fund has now invested all of its initial capital of NOK 15bn.

“We are proud to have established a competent team, which, with support from the rest of the organisation, has delivered excess returns from day one. The experiences we have gained so far are positive and we look forward to the continuation. We could not have had a better start. At the same time, we are prepared that the results will fluctuate during the start-up phase,” he added.

Regarding active ownership, Folketrygdfondet has clear expectations and close dialogue with the companies and issuers in its portfolios.

In 2025, it held 677 meetings with Norwegian and Nordic companies and issuers. This is an increase of 160 meetings from the previous year, driven by the establishment of the Government Fund in Tromsø.

“This year, we have updated our expectations document, especially regarding climate and nature risk. We have also made progress on the technology front. We aim to be a responsible and predictable manager that contributes to long-term value creation and well-functioning markets,” Houg concluded.

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