Strong return on the fund's investments

The Government Pension Fund Global returned 13.1 percent, or a record-high 2,511 billion kroner, in 2024. The fund’s value increased by 3,985 billion kroner, the biggest increase in krone terms in its history.

CEO Nicolai Tangen and Deputy CEO Trond Grande presented the fund's key figures for 2024. Some of our experts also shared in-depth insights into key developments and sectors that defined the year. The press conference was held on 29 January.

The fund's return in 2024

13.1%
2,511
billion kroner


The Government Pension Fund Global returned 13.1 percent, or a record-high 2,511 billion kroner, in 2024. This was 0.45 percentage point, or 75 billion kroner, lower than the return on the benchmark index. 

Return by asset class

The fund's equity investments continued their positive performance from 2023. US technology stocks contributed most to the positive return, driven mainly by the largest technology companies. The return on fixed-income investments was affected by rising long-term yields during the first four months of the year. Inflation came out higher than anticipated, and market expectations of rate cuts during the year faded.

Real estate markets stabilised somewhat after several turbulent years. Transaction activity was still low but increased in most markets. The return on the renewable energy infrastructure comprises the net income from these assets and the change in their value during the period. The negative return in 2024 was due primarily to a higher cost of capital.
Click on each column for more info

The fund's value at the end of 2024

19,742
billion kroner

The fund's value increased by 3,985 billion kroner in 2024, the biggest increase in krone terms in its history. A strong return on the fund's equity investments was the main reason for this growth. The krone also weaked against many of the currencies the fund is invested in, and there were substantial inflows of capital from the government.

Equities

14,113
billion kroner
71.4%
of the fund

Fixed income

5,253
billion kroner
26.6%
of the fund

Real estate

364
billion kroner
1.8%
of the fund

Unlisted infrastructure

25
billion kroner
0.1%
of the fund

The fund's investments spanned 70 countries and 42 currencies

At the end of 2024, the fund was invested in 8,659 listed companies, 6,934 bonds from 1,507 issuers, 910 unlisted properties and 7 investments in unlisted renewable energy infrastructure. The fund's holdings are updated twice a year and is available since the first investments in 1998.

Highest share of the fund Lowest
It is not easy to be a large financial investor in a turbulent world. We must constantly be willing to change, embrace new technology and learn from everything we do, whatever the markets throw at us.
Nicolai Tangen
CEO of Norges Bank Investment Management

Strong year for equity investments

US technology stocks contributed most to the positive return on the fund's equity investments, driven by strong demand for AI-based advertising and chat solutions and their semiconductors. Optimism in the financials sector increased due to a strong economic climate, high but falling interest rates, and the US election outcome. Despite a challenging market, leading consumer discretionary companies continued to grow, gaining market share and increased earnings.

Basic materials, consumer staples and energy delivered the weakest returns during the period.
Click on each column for more info

Responsible investment 2024

We publish a separate report on the responsible investment management of the fund every year.

Long-term value

In 2024, we made progress in line with our 2025 Climate action plan, made further renewable energy investments and increased our transparency. CEO pay remained a priority for us and we advocated for simpler and longer-term incentives. To mitigate financial risk for the fund, we divested from companies with unsustainable business models.

Scenario analyses

Each year, we publish the results of analyses of a number of hypothetical scenarios. These scenarios may change from year to year to reflect market developments and events that could impact economic performance.

This year, we look at whether a combination of high equity valuations, high debt levels and increased geopolitical tensions could result in substantial reductions in the fund’s value over time.
AI correction
A significant correction in the technology sector is triggered by investments in AI failing to generate the expected earnings and value creation. This might be due to stricter regulation, technological challenges or a lack of necessary resources. This correction has a particular impact on the US technology sector but also spreads to other sectors and regions.
Debt crisis
High global debt levels combined with an ageing population, climate change and international conflicts trigger a bond crisis. Decreased confidence in the market leads to a substantial increase in yields and risk premiums, which in turn have adverse effects on both equity and bond markets.
Fragmented world
The world fragments into multiple economic blocs with reduced levels of co-operation. This leads to increased trade barriers, stricter regulation and reduced foreign investment. Developing countries are hit particularly hard. Decreased economic co-operation leads to lower global growth, higher inflation and increased market volatility.

Explore the full report

Read more about the investments, results and the management organisation. 

GIPS report

Norges Bank Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Norges Bank Investment Management has been independently verified for the periods 31 December 1997 through 31 December 2024.

Additional reporting

Related information