Government Pension Fund Norway (GPFN) returned 7.4 per cent in the first half of 2026, corresponding to NOK 31.4bn, Folketrygdfondet, which manages the scheme, has revealed.

Meanwhile, its excess return was -0.19 percentage points in the first half of the year.

The pension fund’s equity portfolio was up by 11 per cent and contributed -0.36 per cent to the excess return.

Its fixed income portfolio returned 1 per cent 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,” commented Folketrygdfondet CEO, Kjetil Houg.

“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.”

For the second quarter, the GPFN return was -2 per cent, although this was 0.38 percentage points higher than the benchmark index.

The pension fund’s invested capital was NOK 440.1bn at the end of H1 2026.

Meanwhile, the Government Fund in Tromsø (GFT) returned -5.4 per cent and had an excess return of 0.3 percentage points in the first half of 2026.

In the second quarter, GFT’s return was 5.6 per cent, while the excess return was 0.1 percentage points.

“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,” said Houg.

“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.

“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.”

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