Norway’s Government Pension Fund Global (GPFG) made a return of 8.6 per cent in the first half of 2024, Norges Bank Investment Management (NBIM) has revealed.

Publishing its interim results, NBIM, which is responsible for the investments of the GPFG, said its return equates to NOK 1,478bn.

It cited strong equity returns as the driver of the strong half-year results – its equity investments made a return of 12 per cent. Conversely, the return on fixed-income investments was -1 per cent, and investments in unlisted real estate returned -1 per cent. The return on unlisted renewable energy infrastructure was -18 per cent.

The fund’s return was 0.04 percentage points less than the return on the benchmark index.

"The equity investments gave a very strong return in the first half of the year. The result was mainly driven by the technology stocks, due to increased demand for new solutions in artificial intelligence,” NBIM CEO, Nicolai Tangen, said.

Over the period the krone depreciated against several of the main currencies. Currency movements contributed to an increase in the fund’s value of NOK 315bn. In the first half of the year, inflow into the fund amounted to NOK 192bn.

The fund had a value of NOK 17,745bn as at 30 June 2024. Seventy-two per cent of the fund was invested in equities, 26.1 per cent in fixed income, 1.7 per cent in unlisted real estate, and 0.1 per cent in unlisted renewable energy infrastructure.

Furthermore, in connection with its half-yearly reporting, it is also publishing an updated holdings list for the first half of the year – for the first time.

“We are already the world's most transparent fund, but now we are increasing transparency even further. From now on, everyone will be able to find an updated overview of all our investments on a half-yearly basis,” Tangen said.

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