Fund Performance
Government Pension Fund Global (GPFG)
Article | Last updated: 10/04/2025 | Ministry of Finance
|
GPFG annual geometric average return. Measured in the currency basket. Per cent |
2023 |
Last 5 years |
Last 10 years |
Last 20 years |
|
GPFG |
||||
|
Portfolio |
13,09 |
7,44 |
7,25 |
6,71 |
|
Benchmark index |
13,53 |
7,15 |
6,99 |
6,52 |
|
Excess return (percentage points)1 |
-0,45 |
0,29 |
0,26 |
0,19 |
|
Equities |
||||
|
Portfolio2 |
18,42 |
10,71 |
9,86 |
8,58 |
|
Benchmark index3 |
18,62 |
10,21 |
9,47 |
8,22 |
|
Excess return (percentage points) |
-0,20 |
0,50 |
0,39 |
0,36 |
|
Fixed income |
||||
|
Portfolio |
1,28 |
-0,09 |
1,53 |
3,00 |
|
Benchmark index3 |
1,11 |
-0,73 |
1,16 |
2,76 |
|
Excess return (percentage points) |
0,18 |
0,65 |
0,37 |
0,24 |
|
Unlisted real estate |
||||
|
Portfolio |
-0,57 |
-0,20 |
3,26 |
|
|
Norges Bank internal benchmark4 |
6,08 |
3,03 |
||
|
Listed real estate |
||||
|
Portfolio5 |
9,89 |
-0,87 |
2,23 |
|
|
Norges Bank internal benchmark4 |
16,84 |
7,64 |
||
|
Unlisted renewable energy infrastructure |
||||
|
Portfolio5 |
-9,81 |
0,66 |
||
|
Norges Bank internal benchmark4 |
-2,46 |
-5,38 |
||
- Includes real estate from 2017. Prior to 2017 excess return was calculated based on equity and fixed income portfolio returns.
- Equities without listed real estate. Norges Bank manages listed and unlisted real estate within a combined strategy.
- Benchmark index adjusted for assets which are used to measure the real estate and unlisted infrastructure investment performance.
- Norges Bank decides on equities and bonds from the benchmark index which are used to measure the real estate and infrastructure investment performance.
- The first investment in unlisted renewable energy infrastructure was made in May 2021. Return reported in the column «Last 5 years» is the annualised return since 1. June 2021.
Sources: Norges Bank and Ministry of Finance.
| Real return GPFG for 2024, last 5, 10 and 20 years, in currency basket. Annual geometric average. Per cent |
2024 |
Last 5 years |
Last 10 years |
Last 20 years |
|
Reutrn GPFG |
13,09 |
7,44 |
7,25 |
6,71 |
|
Inflation |
2,67 |
3,69 |
2,61 |
2,30 |
|
Management cost |
0,04 |
0,04 |
0,05 |
0,07 |
|
Net real return |
10,10 |
3,57 |
4,47 |
4,24 |
Soruces: Norges Bank and Ministry of Finance.