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Investment Strategy

The objective for the management of the GPFN is to maximise financial returns measured in Norwegian kroner, given a moderate level of risk. The main part of the assets of the GPFN is invested in the Norwegian equity and fixed income markets.

The Report on Energy Stocks in the Government Pension Fund Global

On 12 June, the Storting deliberated Meld. St. 14 (2018-2019), Energy Stocks in the Government Pension Fund Global. The report proposed omitting equity investments in companies classified as exploration and production companies from the benchmark

Response to the UN Special Rapporteur on the situation of human rights in the Palestinian Territory

Annual white paper on the Government Pension Fund

Today, The Ministry of Finance is presenting the 2025 white paper on the Government Pension Fund (Meld. St. 22 (2024-2025)). In the white paper, the Ministry reports on the results and management of the Government Pension Fund Global and the

Meld. St. 24 (2020–2021) - The Government Pension Fund 2021

Chapter 1: Executive summary

Meld. St. 14 (2020–2021) - Long-term Perspectives on the Norwegian Economy 2021

Chapter 1

Revised National Budget: Sound economic governance

The Norwegian economy is unusually strong and employment is at a record low. At the same time, however, Omicron, high electricity prices and war in Europe have necessitated unforeseen financial allocations. In the Revised Budget, the government has

Amendment to the 2022 Fiscal Budget Proposal: A new and fairer course for the whole of Norway

Opportunities throughout the country, higher employment, labour market security, a fairer distribution of income and wealth and fairer climate policies are key priorities in the new government's proposed changes to the 2022 budget.

Change in the mandate for the committee on long-term perspectives for the Government Pension Fund Global

The Government has decided to change the mandate for the committee appointed to review which developments internationally and in the financial markets may affect risk and return in the Government Pension Fund Global (GPFG) and assess what

Meld. St. 22 (2024–2025) - The Government Pension Fund 2025

Executive summary

Meld. St. 13 (2017–2018) - The Government Pension Fund 2018

Meld. St. 13 (2017–2018) Report to the Storting (white paper)

Meld. St. 27 (2012-2013) - The Management of the Government Pension Fund in 2012

Norges Bank's work on responsible investing

The aim of Norges Bank's responsible investing activities is to promote long-term value creation and to contribute to good corporate governance and responsible business conduct. In its management of the GPFG, Norges Bank shall emphasise the fund's

The Government Pension Fund (Statens pensjonsfond)

The inflow in the Government Pension Fund Global consists of all state petroleum revenues as well as the return on the fund’s investments. The operational management of the Pension Fund Global is carried out by Norges Bank, which invests the fund’s

Web page: https://www.nbim.no/en/

Annual Report to the Storting

Transparency is a prerequisite for ensuring widespread confidence in the management of the Government Pension Fund. The Ministry gives an account of the management of the Fund in an annual report to the Storting, as well as in the National Budget.

External reports and letters about the Government Pension Fund

2025 GPFG CEM Investment Benchmarking report for 2023 (02/14/2025) GPFN CEM Investment Benchmarking report for 2023 (02/14/2025) 2024 Report for the Norwegian Ministry of Finance: On the global market portfolio, private-equity markets and Chines

Governance model

The Ministry of Finance holds the overall responsibility for the management of the Government Pension Fund. The Government Pension Fund comprises the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The

Market Value

Government Pension Fund market value from 1996 to 2024. NOK billion The accumulation of capital in the GPFG originates by and large from the conversion of oil and gas resources in the North Sea and Norwegian Sea to financial assets abroad. Petroleum

Meld. St. 14 (2017–2018) - Financial Markets Report 2018

Meld. St. 14 (2017–2018) Report to the Storting (white paper) Summary

Norwegian Government Pension Fund and the Santiago principles

Norway supports the international guidelines for sovereign wealth funds, the so called Santiago-principles or Generally Accepted Practices and Principles for Sovereign Wealth Funds (GAPP).