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Fund Performance

GPFG annual geometric average return. Measured in the currency basket. Per cent Half year 2024 Last 5 years Last 10 years Last 20 years GPFG Portfolio 8.59 7.99 7.07 6.80 Benchmark index 8.62 7.57 6.83 6.59 Excess return (percentage points)1 -0.04

Norway and the Age of Energy

'We are transitioning out of oil, out of gas, out of fossil, and now into a new chapter. I emphasize transitioning, because this is complex; when energy sources shift, power shifts and politics shifts', said Prime Minister Jonas Gahr Støre.

By Prime Minister Jonas Gahr Støre Columbia University, World Leaders Forum

Meld. St. 22 (2023–2024) - The Government Pension Fund 2024

Executive summary

Market Value

Government Pension Fund Global market value from 1996 to 2024Q2. NOK billion GPFG market value development 1996-2024Q2. NOK billion

Adherence of the Government Pension Fund Global (GPFG) to the Santiago principles

The Ministry of Finance has recently conducted an update of the self-assessments of the Government Pension Fund’s adherence to the Santiago Principles, cf. separate reviews of the GPFG and the GPFN, respectively. This self-assessment documents the

Strategic Benchmark Index

The mandate issued by the Ministry of Finance to Norges Bank expresses the long-term investment strategy for the Fund, including the strategic benchmark index and appurtenant provisions on the execution of the management assignment.

Investment Strategy

The objective of Fund investments is to achieve the highest possible return over time, given an acceptable level of risk. The Fund shall be managed responsibly within this overarching financial objective.

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.

Meld. St. 17 (2022–2023) - The Government Pension Fund 2023

Government Pension Fund and the Santiago principles

The International Forum of Sovereign Wealth Funds (IFSWF) was established in 2009 with the purpose of promoting the Santiago Principles. Norway is not a member of the IFSWF, but fully supports these principles.

Report on long term perspectives for the Government Pension Fund Global submitted by committee

Today, a committee that has been reviewing long term perspectives for the Government Pension Fund Global (GPFG) submitted its report, NOU 2022: 12 The Fund in a changing world, to the Ministry of Finance. The committee was chaired by Ulf Sverdrup,

NOU 2022: 12 - The Fund in a changing world

The Government Pension Fund Global and new economic and political developments

Meld. St. 9 (2021–2022) - The Government Pension Fund 2022

Chapter 1

The Government Pension Fund Global to exit Russia

The Ministry of Finance has today informed the Fund manager Norges Bank to immediately freeze all investments made by the Government Pension Fund Global (GPFG) in Russia. The Ministry has further requested Norges Bank to prepare a plan for the

Norway to increase support to Ukraine and provide military equipment

The Norwegian Government has allocated up to NOK 2 billion for humanitarian assistance to Ukraine, and will provide military equipment such as helmets and bulletproof vests to the war-torn country. The Government will also align itself with the

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

Climate risk and the Government Pension Fund Global

Managing risks associated with climate change and the green transition

Report from an expert group appointed by the Ministry of Finance. 15 August 2021. English translation of the original report’s executive summary and chapter 7 with recommendations.

Governance framework

The Storting has, in the Government Pension Fund Act, accorded the Ministry of Finance formal responsibility for the management of the Fund. Operational management of the Government Pension Fund Global (GPFG) is carried out by Norges Bank.

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