Negative return in the first quarter

The return on the fund’s equity investments was -1.6 percent, the return on the fixed income investments was 1.6 percent, and the investments in unlisted real estate was 2.4 percent. The return on unlisted renewable energy infrastructure was 1.2 percent. 

The fund’s return was 0.16 percentage points better than the return on the benchmark index, equivalent to 29 billion kroner. 

“The quarter has been impacted by significant market fluctuations. Our equity investments had a negative return, largely driven by the tech sector”, says CEO Nicolai Tangen. 

The krone strengthened against several of the main currencies during the quarter. The currency movements contributed to a decrease in the fund’s value of -879 billion kroner. In the first quarter, inflow into the fund amounted to 78 billion kroner.  

The fund had a value of 18,526 billion kroner as of 31 March 2025. 70 percent of the fund was invested in equities, 27.7 percent in fixed income, 1.9 percent in unlisted real estate, and 0.4 percent in unlisted renewable energy infrastructure.