GPFG annual geometric average return. Measured in the currency basket. Per cent
 

2025

Last 5 years

Last 10 years

Last 20 years

GPFG

      

Portfolio

15,11

8,26

8,47

6,90

Benchmark index

15,39

8,07

8,31

6,77

Excess return (percentage points)1

-0,28

0,19

0,19

0,12
         

Equities

      

Portfolio2

19,91

12,08

11,46

8,47

Benchmark index3

19,82

11,75

11,14

8,20

Excess return (percentage points)

0,09

0,33

0,31

0,27
         

Fixed income

      

Portfolio

5,42

-0,47

2,04

3,08

Benchmark index3

4,89

-1,08

1,59

2,83

Excess return (percentage points)

0,54

0,60

0,45

0,25
         

Unlisted real estate

      

Portfolio

4,36

0,67

2,64

  

Norges Bank internal benchmark4

12,00

3,64

    
         

Listed real estate

      

Portfolio5

-4,02

1,55

1,05

  

Norges Bank internal benchmark4

13,08

8,22

    
         

Unlisted renewable energy infrastructure

    

Portfolio5

18,07

4,22

    

Norges Bank internal benchmark4

9,14

-2,38

    

1 Includes real estate from 2017. Prior to 2017 excess return was calculated based on equity and fixed income portfolio returns.

2 Equities without listed real estate. Norges Bank manages listed and unlisted real estate within a combined strategy.

3 Benchmark index adjusted for assets which are used to fund the real estate and unlisted infrastructure investment.

4 Norges Bank decides on equities and bonds from the benchmark index which are used to fund the real estate and infrastructure investment.

5 Return reported in the column «Last 5 years» is the annualised return the first investment in May 2021.

Sources: Norges Bank and Ministry of Finance.

Real return GPFG for 2025, last 5, 10 and 20 years, in currency basket. Annual geometric average. Per cent

 

2025

Last 5 years

Last 10 years

Last 20 years

Return GPFG

15,11

8,26

8,47

6,90

Inflation

2,41

4,06

2,78

2,31

Management cost

0,04

0,04

0,05

0,07

Net real return

12,36

3,99

5,49

4,42

Soruces: Norges Bank and Ministry of Finance.