Daily Management Review

Norway's pension fund sees record profits of $222 billion


01/30/2025


Norway's Government Pension Fund Global (GPFG), the largest pension fund globally with assets totaling $1.8 trillion, achieved a historic return of $222 billion in 2024, as reported by Norges Bank Investment Management (NBIM), the division of the Norwegian central bank overseeing the fund.



Hakon07 via flickr
Hakon07 via flickr
“The fund recorded an excellent return in 2024 due to a robust stock market. US technology shares have done exceptionally well," remarked NBIM CEO Nicolai Tangen. The technology industry, as stated in a report from the Norwegian regulator's agency, achieved the highest performance in equities - 1.17 trillion kroner. The investments that yielded the highest profits were in shares of NVIDIA, Apple, Amazon, Alphabet, and Microsoft.

Tangen cautioned that this market condition “won’t endure indefinitely.”

As per GPFG, the equity investments of the fund achieved an 18% return, its fixed-income investments generated a 1% return, while its unlisted real estate investments experienced a 1% loss.

In the meantime, the fund's investments in private renewable energy infrastructure experienced a loss of 10%. The fund's performance was 45 bps lower than that of the underlying index.

source: bloomberg.com