Norges Bank

Press release

The Government Pension Fund Global: Extended information on return and risk

Today, Norges Bank Investment Management has published extended information on return and risk in the Government Pension Fund Global. The publication supplements the fund’s annual report with figures and analyses for various investment strategies.

"2019 was a year characterised by several records. The fund’s value passed 10 000 billion kroner, the return measured in Norwegian kroner was record-high, and the fund’s equity share exceeded 70 percent for the first time. The purpose of this publication is to give a detailed description of the fund’s risk and return, both absolutely and relatively speaking", says CEO of Norges Bank Investment Management Yngve Slyngstad.

The publication provides a broad overview of the fund’s return and risk, mainly for the equity and fixed income investments. It supplements key figures published in the annual report with further information and risk analyses. In this year’s publication, we have also included more information on return in risk in the fund’s real estate portfolio.

"The publication presents our investment strategies and includes costs, return and risk estimates for every one of them. A higher equity share combined with greater volatility for shares than for bonds, in addition to historically low interest rates, mean that the fund’s long-term results will to a great extent be affected by developments in the equity markets”, says Chief Risk Officer Dag Huse.

The publication is only available in English. See the publication Return and risk 2019 on

Press contacts:

Marthe Skaar
Head of Communications and External Relations (acting)
Tel.: + 47 926 17 663

Line Aaltvedt
Manager, Communications and External Relations
Tel.: +47 948 54 656



Press telephone: +47 21 49 09 30

Published 26 March 2020 11:00


Press conference on the Government Pension Fund Global's development and the employment of Nicolai Tangen as new CEO in Norges Bank Investment Management (In Norwegian)

Published 26 March 2020 11:00