Norway’s Government Pension Fund Global (GPFG), which is managed by Norges Bank Investment Management (NBIM), made a return of 5.8 per cent in the third quarter (Q3), a result that falls short of its benchmark index.

Broken down, the GPFG achieved a 7.7 per cent return on equities, a result that was significantly above its results for other asset classes.

For example, fixed income returned 1.4 per cent, while investments in unlisted real estate returned 1.1 per cent. Meanwhile, unlisted renewable energy infrastructure yielded 0.3 per cent.

By asset class, 71.2 per cent of the fund was invested in equities, 26.6 per cent in fixed income, 1.8 per cent in unlisted real estate and 0.4 per cent in unlisted renewable energy infrastructure.

Despite the strong equity result, the overall Q3 result is 0.06 percentage points lower than the return on the benchmark index.

NBIM deputy CEO, Trond Grande, said: "The result is driven by strong returns in the stock market, particularly in basic materials, telecommunications and the financial sector.”

The value of the fund increased by NOK 854bn in Q3, while the accounting return was NOK 1,032bn. As of 30 September 2025, the fund had a value of NOK 20,440bn.

The krone appreciated against several of the main currencies during the quarter and contributed to a fall in the value of the fund of NOK 259bn. During the quarter, inflows into the fund amounted to NOK 81bn after management costs.

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