Norway’s Government Pension Fund Global (GPFG) had a negative return of -0.5 per cent, equal to NOK -278bn, in the third quarter (Q3) of 2026, according to Norges Bank Investment Management (NBIM).

NBIM noted that this return was 0.18 percentage points lower than the return on the benchmark index.

The return on the fund’s equity investments was 0.5 per cent, while the return on the fixed-income investments was negative at -3.5 per cent.

Meanwhile, investments in unlisted real estate returned 0.4 per cent and the return on unlisted renewable energy infrastructure was 7.5 per cent.

Commenting on the results, NBIM deputy CEO, Trond Grande, said: “The fund’s return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments.

“Equity returns were also close to zero, but there were large differences between sectors. Energy companies rose the most, while interest-rate-sensitive sectors such as utilities and real estate fell.”

The interim results also reported that the fund’s value fell by NOK 670bn in the third quarter.

NBIM reported that the krone strengthened during the quarter, which reduced the fund’s value by NOK 472bn. In the third quarter, NOK 80bn was added to the fund after management costs.

At the end of Q3 2026, the fund had a value of NOK 22,014bn, made up of 72.1 per cent invested in equities, 25.8 per cent in fixed income, 1.6 per cent in unlisted real estate and 0.5 per cent in unlisted renewable energy infrastructure.

Meanwhile, the market value of the investment portfolio was NOK 22,025bn.

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