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[To main content](https://www.nbim.no/#main-content) [](https://www.nbim.no/en/) Search close Search search Search [language Norsk](https://www.nbim.no/no/) menu close Menu The fund [Investments](https://www.nbim.no/en/investments/) expand [All investments](https://www.nbim.no/en/investments/all-investments/) [Investment areas](https://www.nbim.no/en/investments/investment-areas/) [The fund's value](https://www.nbim.no/en/investments/the-funds-value/) [Returns](https://www.nbim.no/en/investments/returns/) [Risk management](https://www.nbim.no/en/investments/risk-management/) [Investment strategy](https://www.nbim.no/en/investments/investment-strategy/) [Benchmark index](https://www.nbim.no/en/investments/benchmark-index/) [External mandates](https://www.nbim.no/en/investments/external-mandates/) [Investment Conference](https://www.nbim.no/en/investments/annual-investment-conference/) [Responsible investment](https://www.nbim.no/en/responsible-investment/) expand [Our expectations](https://www.nbim.no/en/responsible-investment/our-expectations/) [Divesting from companies](https://www.nbim.no/en/responsible-investment/divesting-from-companies/) [Voting](https://www.nbim.no/en/responsible-investment/voting/) [Engaging with companies](https://www.nbim.no/en/responsible-investment/engaging-with-companies/) [How we influence markets and industries](https://www.nbim.no/en/responsible-investment/how-we-influence-markets-and-industries/) [2030 Climate action plan](https://www.nbim.no/en/responsible-investment/2030-climate-action-plan/) [Climate Advisory Board](https://www.nbim.no/en/responsible-investment/climate-advisory-board/) [Sustainability due diligence](https://www.nbim.no/en/responsible-investment/sustainability-due-diligence/) [Observation and exclusion of companies](https://www.nbim.no/en/responsible-investment/exclusion-of-companies/) [Position papers](https://www.nbim.no/en/responsible-investment/position-papers/) [News and insights](https://www.nbim.no/en/news-and-insights/) expand [The press](https://www.nbim.no/en/news-and-insights/the-press/) [Reports](https://www.nbim.no/en/news-and-insights/reports/) [Podcast: In Good Company](https://www.nbim.no/en/news-and-insights/podcast/) [Strategy 28](https://www.nbim.no/en/news-and-insights/strategy-for-the-fund-management/strategy-28/) [Our views](https://www.nbim.no/en/news-and-insights/our-views/) [Consultations](https://www.nbim.no/en/news-and-insights/consultations/) [Submissions to ministry](https://www.nbim.no/en/news-and-insights/submissions-to-ministry/) [Publications](https://www.nbim.no/en/news-and-insights/publications/) [Calendar](https://www.nbim.no/en/news-and-insights/calendar/) [About us](https://www.nbim.no/en/about-us/) expand [About the fund](https://www.nbim.no/en/about-us/about-the-fund/) [Norges Bank Investment Management](https://www.nbim.no/en/about-us/norges-bank-investment-management/) [Leader group](https://www.nbim.no/en/about-us/leader-group/) [Careers at the fund](https://www.nbim.no/en/about-us/career/) [Women in finance](https://www.nbim.no/en/about-us/women-in-finance/) [Contact us](https://www.nbim.no/en/about-us/contact-us/) [language Norsk](https://www.nbim.no/no/) Popular pages Upcoming event - [About the fund](https://www.nbim.no/en/about-us/about-the-fund/) - [All investments](https://www.nbim.no/en/investments/all-investments/) - [Careers at the fund](https://www.nbim.no/en/about-us/career/) - [Podcast: In Good Company](https://www.nbim.no/en/news-and-insights/podcast/) - [Investment Conference](https://www.nbim.no/en/investments/annual-investment-conference/) [2026 Investment Conference](https://www.nbim.no/en/investments/annual-investment-conference/2026-investment-conference/) The 2026 Investment Conference takes place on Tuesday 28 April. You can follow the conference live from 12:00 CEST. # The Norwegian Government Pension Fund Global The fund's value nok *** We work to safeguard and build financial wealth for future generations [Value development](https://www.nbim.no/en/investments/the-funds-value/) ## About the fund The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global. - [About the fund](https://www.nbim.no/en/about-us/about-the-fund/) ## How the fund is invested The Government Pension Fund Global is one of the world's largest funds. Investments are spread across most markets, countries and currencies to achieve broad exposure to global growth and value creation while ensuring good risk diversification. The fund invests only abroad so that the Norwegian economy does not overheat. - [More on how we invest](https://www.nbim.no/en/investments/) This is fallback content to display for user agents that do not support the video tag. ### Equities Most of the fund is invested in equities, which are ownership interest in about 7,200 companies. This is fallback content to display for user agents that do not support the video tag. ### Fixed income Another part is invested in bonds, which are a type of loan to governments and companies. This is fallback content to display for user agents that do not support the video tag. ### Real estate A smaller portion is invested in unlisted office and retail properties in attractive locations, and in logistics properties. This is fallback content to display for user agents that do not support the video tag. ### Infrastructure A final slice is invested in renewable energy infrastructure, mainly in wind and solar projects. chevron\_left chevron\_right ## We own a share of the world's largest companies The fund has a small stake in about 7,200 companies across most countries and industries. On average, the fund holds 1.5 percent of all listed companies. This makes the fund the world's largest single investor.  1 [NVIDIA Corp](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5rc7ty8jc4vk) 574 billion kroner  2 [Apple Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5qly23mhb761) 497 billion kroner  3 [Microsoft Corp](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5p1preaqdgbt) 459 billion kroner  4 [Alphabet Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/4bhr78zjocis) 439 billion kroner  5 [Amazon.com Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1ddm4vxb3y96) 308 billion kroner  6 [Taiwan Semiconductor Manufacturing Co Ltd](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/udca2lrd7lw7) 229 billion kroner  7 [Broadcom Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/3meresikrzgc) 216 billion kroner  8 [Meta Platforms Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5motenr1507l) 196 billion kroner  9 [Tesla Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/2ynlraw9gl3d) 161 billion kroner  10 [Eli Lilly & Co](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1qob0vi0o65s) 121 billion kroner  11 [Berkshire Hathaway Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1420aoop08ag) 116 billion kroner  12 [JPMorgan Chase & Co](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5wag77ym9tu8) 113 billion kroner  13 [ASML Holding NV](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/36txxgk49m8p) 96 billion kroner  14 [Tencent Holdings Ltd](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1kff4yc55f2a) 95 billion kroner  15 [Samsung Electronics Co Ltd](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1owrdijzlzia) 94 billion kroner  1 [NVIDIA Corp](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5rc7ty8jc4vk) 574 billion kroner  2 [Apple Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5qly23mhb761) 497 billion kroner  3 [Microsoft Corp](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5p1preaqdgbt) 459 billion kroner  4 [Alphabet Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/4bhr78zjocis) 439 billion kroner  5 [Amazon.com Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1ddm4vxb3y96) 308 billion kroner  6 [Taiwan Semiconductor Manufacturing Co Ltd](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/udca2lrd7lw7) 229 billion kroner  7 [Broadcom Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/3meresikrzgc) 216 billion kroner  8 [Meta Platforms Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5motenr1507l) 196 billion kroner  9 [Tesla Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/2ynlraw9gl3d) 161 billion kroner  10 [Eli Lilly & Co](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1qob0vi0o65s) 121 billion kroner  11 [Berkshire Hathaway Inc](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1420aoop08ag) 116 billion kroner  12 [JPMorgan Chase & Co](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/5wag77ym9tu8) 113 billion kroner  13 [ASML Holding NV](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/36txxgk49m8p) 96 billion kroner  14 [Tencent Holdings Ltd](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1kff4yc55f2a) 95 billion kroner  15 [Samsung Electronics Co Ltd](https://www.nbim.no/en/investments/all-investments/#/2025-12-31/0-equity/1owrdijzlzia) 94 billion kroner chevron\_left chevron\_right ## See all our investments Search in all of the fund’s investments by country, asset class and sector . This information is updated twice a year and is available since our first investment in 1998. [All investments](https://www.nbim.no/en/investments/all-investments/) Highest share of the fund Lowest  ## Responsible investment The fund exists to help finance the Norwegian welfare state for generations to come. The fund's future value depends on sustainable growth, well-functioning markets and value creation at the companies we own. As we own a small slice of most of the world's largest companies, we have the ability to influence how they operate. We aim to promote long-term value creation at the companies and minimise negative effects on the environment and society. [Responsible investment](https://www.nbim.no/en/responsible-investment/) ## The fund's history The idea of a Norwegian oil fund was conceived in the 1960s when the government claimed sovereignty over the Norwegian continental shelf. This laid the foundation for Norway's approach to pertroleum resource management, based on parliamentary guidelines that ensure responsible, long-term management under strong governmental control. [See the full story](https://www.nbim.no/en/about-us/about-the-fund/the-history/) - 1969 We discover oil in the North sea - 1996 The first money transfer to the fund - 2019 The fund's value exceeds 10,000 billion kroner - 2024 The fund's value exceeds 20,000 billion kroner ## Value development since the first investment Currency Kroner Dollar ### Chart Chart with 28 data points. The chart has 1 X axis displaying Time. Data ranges from 1998-12-31 00:00:00 to 2025-12-31 00:00:00. The chart has 2 Y axes displaying values, and values. Created with Highcharts 12.5.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23,000 End of interactive chart. As at 31 December 2025 ### Chart Chart with 28 data points. The chart has 1 X axis displaying Time. Data ranges from 1998-12-31 00:00:00 to 2025-12-31 00:00:00. The chart has 2 Y axes displaying values, and values. Created with Highcharts 12.5.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 End of interactive chart. As at 31 December 2025 ## The fund's value The fund's value is driven by investment returns. The value is also affected by capital inflow and withdrawals, and exchange rate movements. [The fund's value](https://www.nbim.no/en/investments/the-funds-value/) ## Return on the investments Return on the investments accounts for more than half of the fund's value. Since 1998 the fund has generated an average annual return of 6.64 percent, or 13,457 billion kroner. [Returns](https://www.nbim.no/en/investments/returns/) ## Get to know the CEOs of the world's largest companies In our podcast 'In Good Company', CEO Nicolai Tangen interviews leaders of some of the world's largest companies, including OpenAI's Sam Altman, Novo Nordisk CEO Lars Fruegaard Jørgensen and Ferrari CEO Benedetto Vigna. You get to know the leader, their strategies, and how they engage with a large investor like us. [In Good Company](https://www.nbim.no/en/news-and-insights/podcast/) ## Our annual Investment Conference At our annual investment conference, leading global experts present and participate in discussions on key financial topics. The aim of the conference is to create the number one meeting point for the Norwegian asset management industry. [Investment Conference](https://www.nbim.no/en/investments/annual-investment-conference/)  ## About us - [Contact us](https://www.nbim.no/en/about-us/contact-us/contact-us/) - [About the fund](https://www.nbim.no/en/about-us/about-the-fund/) - [Norges Bank Investment Management](https://www.nbim.no/en/about-us/norges-bank-investment-management/) - [www.norges-bank.no](https://www.norges-bank.no/en/) - [Careers at the fund](https://www.nbim.no/en/about-us/career/) ## About this site - [Disclaimer](https://www.nbim.no/en/disclaimer/) - [Privacy statement](https://www.nbim.no/en/privacy-statement/) - [Responsible disclosure policy](https://www.nbim.no/en/responsible-disclosure-policy/) - [Accessibility statement (in Norwegian)](https://uustatus.no/nb/erklaringer/publisert/43934dbd-e635-4c52-923f-eea2fe2434fa) - [Terms of use: holdings data in Snowflake marketplace](https://www.nbim.no/en/terms-of-use-holdings-data-in-snowflake-marketplace/) ## - [Podcast](https://shows.acast.com/in-good-company-with-nicolai-tangen) - [LinkedIn](https://www.linkedin.com/company/norges-bank-investment-management/) - [YouTube](https://www.youtube.com/channel/UCRhQsN8AVIfZuBNeRV1A37w) - [Instagram](https://www.instagram.com/norgesbankinvestmentmanagement/)

## About the fund The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations. The fund’s formal name is the Government Pension Fund Global. - [About the fund](https://www.nbim.no/en/about-us/about-the-fund/) How the fund is invested The Government Pension Fund Global is one of the world's largest funds. Investments are spread across most markets, countries and currencies to achieve broad exposure to global growth and value creation while ensuring good risk diversification. The fund invests only abroad so that the Norwegian economy does not overheat. - [More on how we invest](https://www.nbim.no/en/investments/) This is fallback content to display for user agents that do not support the video tag. ### Equities Most of the fund is invested in equities, which are ownership interest in about 7,200 companies. This is fallback content to display for user agents that do not support the video tag. ### Fixed income Another part is invested in bonds, which are a type of loan to governments and companies. This is fallback content to display for user agents that do not support the video tag. ### Real estate A smaller portion is invested in unlisted office and retail properties in attractive locations, and in logistics properties. This is fallback content to display for user agents that do not support the video tag. ### Infrastructure A final slice is invested in renewable energy infrastructure, mainly in wind and solar projects. We own a share of the world's largest companies The fund has a small stake in about 7,200 companies across most countries and industries. On average, the fund holds 1.5 percent of all listed companies. This makes the fund the world's largest single investor. ## See all our investments Search in all of the fund’s investments by country, and . This information is updated twice a year and is available since our first investment in 1998. Highest share of the fund Lowest  ## Responsible investment The fund exists to help finance the Norwegian welfare state for generations to come. The fund's future value depends on sustainable growth, well-functioning markets and value creation at the companies we own. As we own a small slice of most of the world's largest companies, we have the ability to influence how they operate. We aim to promote long-term value creation at the companies and minimise negative effects on the environment and society. The fund's history The idea of a Norwegian oil fund was conceived in the 1960s when the government claimed sovereignty over the Norwegian continental shelf. This laid the foundation for Norway's approach to pertroleum resource management, based on parliamentary guidelines that ensure responsible, long-term management under strong governmental control. - 1969 We discover oil in the North sea - 1996 The first money transfer to the fund - 2019 The fund's value exceeds 10,000 billion kroner - 2024 The fund's value exceeds 20,000 billion kroner ## Value development since the first investment ### Chart Chart with 28 data points. The chart has 1 X axis displaying Time. Data ranges from 1998-12-31 00:00:00 to 2025-12-31 00:00:00. The chart has 2 Y axes displaying values, and values. End of interactive chart. As at 31 December 2025 ### Chart Chart with 28 data points. The chart has 1 X axis displaying Time. Data ranges from 1998-12-31 00:00:00 to 2025-12-31 00:00:00. The chart has 2 Y axes displaying values, and values. End of interactive chart. As at 31 December 2025 ## The fund's value The fund's value is driven by investment returns. The value is also affected by capital inflow and withdrawals, and exchange rate movements. ## Return on the investments Return on the investments accounts for more than half of the fund's value. Since 1998 the fund has generated an average annual return of 6.64 percent, or 13,457 billion kroner. ## Get to know the CEOs of the world's largest companies In our podcast 'In Good Company', CEO Nicolai Tangen interviews leaders of some of the world's largest companies, including OpenAI's Sam Altman, Novo Nordisk CEO Lars Fruegaard Jørgensen and Ferrari CEO Benedetto Vigna. You get to know the leader, their strategies, and how they engage with a large investor like us. ## Our annual Investment Conference At our annual investment conference, leading global experts present and participate in discussions on key financial topics. The aim of the conference is to create the number one meeting point for the Norwegian asset management industry.