The Government Pension Fund Norway (GPFN) returned 3.2 per cent in the third quarter of 2026, equivalent to NOK 14.1bn, Folketrygdfondet, which manages the scheme, has revealed.

At the end of Q3, the pension fund’s assets reached NOK 451.7bn after an excess return of 0.27 percentage points during the quarter.

Its equity portfolio returned 7 per cent and contributed 0.5 percentage points to the excess return.

However, the GPFN’s return on its fixed income portfolio was -2.2 per cent and contributed -0.05 percentage points to the excess return.

In the first nine months of 2026, the pension fund’s return was 10.9 per cent, 0.1 percentage points above the benchmark index.

Since 2007, active management has generated an annual excess return of 0.96 percentage points, corresponding to around NOK 77bn and nearly 17 per cent of the fund’s value.

“We are back in positive territory after a challenging start to the year for our active management of GPFN,” said Folketrygdfondet CEO, Kjetil Houg.

“Strong profitability, particularly in shipping, energy and industrials, is helping to lift the equity portfolio, and we are delivering solid excess returns from our active management.

“The fixed income portfolio has seen weaker performance, driven by the repricing of long-term interest rates and a widening of credit spreads.”

Meanwhile, the Government Fund in Tromsø returned 4.6 per cent and an excess return of 0.07 percentage points in the third quarter.

Year to the end of September, the fund’s return was negative at -1 per cent, with an excess return of 0.38 percentage points.

“The fund is back above NOK 15bn following a positive quarter for Nordic small-cap companies,” said Houg.

“After just over a year of operations, we are very pleased with both the fund’s development and the results of our active management.”

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