Norway’s Government Pension Fund Global (GPFG) made a “positive” return of 4.4 per cent, equal to NOK 835bn, in the third quarter (Q3) of 2024, according to Norges Bank Investment Management (NBIM).

The return on the fund’s equity investments was 4.5 per cent, while the return on the fixed-income investments was 4.2 per cent.

Meanwhile, investments in unlisted real estate returned 0.8 per cent and the return on unlisted renewable energy infrastructure was 10.8 per cent.

The fund’s return was 0.1 percentage point lower than the return on the benchmark index.

The fund’s value was impacted by the krone being weakened against several main currencies during the quarter, contributing to an increase in the fund’s value by NOK 19bn. The inflow into the fund amounted to NOR 99bn in the third quarter. 

"We had a positive return across all our investment areas. Falling interest rates led to a broad rise in the stock market,” said NBIM deputy CEO, Trond Grande, said.

The fund had a value of NOK 18,870bn as of 30 September 2024, with 71.4 per cent of the fund invested in equities, 26.8 per cent in fixed income, 1.7 per cent in unlisted real estate, and 0.1 per cent in unlisted renewable energy infrastructure.

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