Norway's sovereign wealth fund reports a 278 billion kroner loss in the third quarter

As of 8:09 a.m. ET, Thursday, Oct. 22, 2026

Norway's sovereign wealth fund, the Government Pension Fund Global, returned -0.5% in the third quarter of 2026, an accounting loss of 278 billion kroner, Norges Bank Investment Management said Thursday.

The fund's value fell by 670 billion kroner in the quarter, to 22,014 billion kroner on Sept. 30, the manager said. A stronger krone reduced the fund's value by 472 billion kroner, and 80 billion kroner was added to the fund after management costs.

Where the fund lost money

Fixed-income investments returned -3.5%, while equities returned 0.5%, unlisted real estate 0.4% and unlisted renewable energy infrastructure 7.5%, according to the release. The fund's return was 0.18 percentage points lower than its benchmark index.

"The fund's return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments," Deputy CEO Trond Grande said. "Equity returns were also close to zero, but there were large differences between sectors. Energy companies rose the most, while interest-rate-sensitive sectors such as utilities and real estate fell."

At the end of September, 72.1% of the fund was invested in equities, 25.8% in fixed income, 1.6% in unlisted real estate and 0.5% in unlisted renewable energy infrastructure, NBIM said.

What is not known

The release does not give the fund's results in U.S. dollars.