Norges Bank Investment Management (NBIM) has announced that the country’s Government Pension Fund Global (GPFG) made a return of 13 per cent in 2024.

This equates to NOK 2,511bn and brings the GPFG’s total assets to NOK 19,742bn as of 31 December 2024. However, the fund’s return was 45 basis points lower than the return on the benchmark index.

Broken down by asset class, the return on equity investments was 18 per cent, the return on the fixed income investments was 1 per cent, whereas investments in unlisted real estate returned -1 per cent. The return on unlisted renewable energy infrastructure was -10 per cent.

The investment portfolio of the GPFG consists of 71.4 per cent in equities, 26.6 per cent in fixed income, 1.8 per cent in unlisted real estate, and 0.1 per cent in unlisted renewable energy infrastructure.

Commenting, NBIM CEO, Nicolai Tangen, said: “The fund achieved very good returns in 2024, as a result of a very strong stock market. The American technology stocks in particular performed very well.”

The krone depreciated against several of the main currencies during the year. As a result, currency movements contributed to an increase in the fund’s value of NOK 1,072bn. Inflow into the fund amounted to NOK 402bn.

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