Norges Bank Investment Management (NBIM) has revealed that Norway’s Government Pension Fund Global, made a return of 16.1 per cent in 2023.

This is equivalent to NOK 2,222bn, and is the largest return in terms of kroner that the fund has ever made in one-year period.

The return on the fund’s equity investments was 21.3 per cent, the return on the fixed income investments was 6.1 per cent, whereas investments in unlisted real estate returned -12.4 per cent. The return on unlisted renewable energy infrastructure was 3.7 per cent.
The fund’s return was 18 basis points lower than the return on the benchmark index.
“Despite high inflation and geopolitical turmoil, the equity market in 2023 was very strong, compared to a weak year in 2022. Technology stocks in particular performed very well,” NBIM CEO, Nicolai Tangen, said.
The krone depreciated against several of the main currencies during the year. Currency movements contributed to an increase in the fund’s value of NOK 409bn. Inflow into the fund amounted to NOK 711bn.
The fund had a value of NOK 15,765bn as of 31 December 2023. 70.9 per cent of the fund was invested in equities, 27.1 per cent in fixed income, 1.9 per cent in unlisted real estate, and 0.1 per cent in unlisted renewable energy infrastructure.

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