Norway’s Government Pension Fund Global (GPFG), managed by Norges Bank Investment Management (NBIM), suffered a -0.6 per cent loss in the first quarter of 2025.

Publishing its interim results, the fund said its equity investments made a -1.6 per cent loss, while other asset classes, such as fixed income (1.6 per cent) and unlisted real estate (2.4 per cent), gave a positive result. The return on unlisted renewable energy infrastructure was also positive at 1.2 per cent.

At the end of the quarter, 70 per cent of the fund was invested in equities, 27.7 per cent in fixed income, 1.9 per cent in unlisted real estate, and 0.4 per cent in unlisted renewable energy infrastructure.

However, despite a negative performance, the fund’s return was 0.16 percentage points better than the return on the benchmark index, equivalent to NOK 29bn.

“The quarter has been impacted by significant market fluctuations. Our equity investments had a negative return, largely driven by the tech sector,” NBIM CEO, Nicolai Tangen, commented.

The krone strengthened against several of the main currencies during the quarter, with currency movements contributing to a decrease in the fund’s value of NOK -879bn.

In the first quarter, inflow into the fund amounted to NOK 78bn. The fund had a value of NOK 18,526 bn as of 31 March 2025.

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