Norway’s Government Pension Fund Global returned 5.7 percent in the first half of 2025. At June 30, 2025, Norway’s GPFG had a fund value of 19,586 billion NOK. 70.6% of the sovereign wealth fund was invested in listed equities, 27.1% in fixed income, 1.9% in unlisted real estate and 0.4% in unlisted renewable energy infrastructure. “
According to the August 12th press release, “The return on the fund’s equity investments was 6.7 percent, the return on fixed-income investments was 3.3 percent, and the investments in unlisted real estate returned 4.0 percent. The return on unlisted renewable energy infrastructure was 9.4 percent.
The fund’s return was 0.05 percentage points lower than the return on the benchmark index.”
The press release adds, “The value of the fund fell by 156 billion kroner in the first half of the year. The accounting return was 698 billion kroner. The krone appreciated against several of the main currencies during the first half of the year and contributed to a fall in the value of the fund of 1,010 billion kroner. In the first half of the year, inflows into the fund amounted to 156 billion kroner after deduction of expenses.”
