Folketrygdfondet (Government Pension Fund Norway)

Folketrygdfondet · Norway · Europe · Founded 1967 · Pension reserve fund · Not an IFSWF member

Focus

Government Pension Fund Norway: what it invests in

Energy: oil and gasFinancial servicesAgriculture and food securityConsumer and retailIndustrials and manufacturingTelecoms and media

Public equitiesFixed income

Geography Regional

Scale

Government Pension Fund Norway: how big it is, and on what basis

NOK 429B

Assets under managementAs of 2025-12-31

In US dollars: about USD 42.6B. Converted at NOK 10.0791 per US dollar on 31 December 2025.

Return 2025 12.73% (SPN)

Transparency

Government Pension Fund Norway: what it publishes

9.0 of 10 Band 5 of 5

Published 8 · Partly 2 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Assets under managementS4 S5: NOK 429B (about USD 42.6B, end 2025)
Return 2025S2: 12.73% (SPN); As of 2026-02-28
10-year returnS4: 8.09% a year
Equities shareS2: 65.1%; As of 2026-02-28
Listed companies heldS2: 265 (Norway 80, other Nordic 185); As of 2026-02-28
StaffS2: 63; As of 2026-02-28
Transparency scoreS4: 9.0 of 10

At a glance. Folketrygdfondet manages the Government Pension Fund Norway (SPN) and, since 2025, the Government Fund Tromsø (SFT) for the Ministry of Finance. Assets were NOK 429 billion at end 2025, about USD 42.6 billion. It invests only in listed Norwegian and Nordic shares and bonds, all managed in house by 63 staff. It is separate from the oil fund, which Norges Bank manages. S4 S2 S5

Key points

SPN returned 12.73 percent in 2025, 0.76 percentage points above its benchmark, and 8.09 percent a year over ten years. S2 S4
Active management has added 99 basis points a year since 2007, about NOK 69 billion. S4
Mix at end 2025: equities 65.1 percent (NOK 271.4 billion) and fixed income 34.9 percent (NOK 145.4 billion). S2
Owns 80 companies listed in Norway and 185 in the other Nordic countries. S2
Since 2025 Parliament takes 3 percent of the fund each year for the budget: NOK 11.7 billion in 2025 and NOK 12.3 billion in 2026. S2
SPN passed NOK 450 billion in April 2026 and returned 7.4 percent in the first half of 2026. S6 S7

Interesting facts

No new money has gone in since 1979; the fund has grown almost entirely from returns on NOK 11.8 billion of early surpluses. S1
In 2025 it paid a dividend to its owner for the first time in its history. S2
Its largest bond exposure is the Norwegian State at 20.21 percent of the fixed income book. S1

Mandate and goals

The Ministry of Finance sets the mandate and the board turns it into principles, guidelines and risk limits. The goal is the highest return at acceptable risk. S2

Achieve the highest possible return after costs at acceptable risk. S2
Invest SPN in listed Norwegian and Nordic equities and fixed income. S4
Build capital management skills in Northern Norway through SFT, from a Tromsø office. S2
Act as an active, responsible owner in Norwegian listed companies. S2
Spending rule: From 2025 Parliament withdraws 3 percent of SPN capital each year to fund the national budget. S2

How it invests

Industries	Energy: oil and gas, Financial services, Agriculture and food security, Consumer and retail, Industrials and manufacturing, Telecoms and media. Sector agnostic S1 S2
Asset classes	Public equities, Fixed income S2
Stages	Public markets S4
Geography	Regional. Norway and the other Nordic countries; listed securities only S2
Direct / through funds / co-invest	Yes / No / No S2
Managed in house	100 percent S2
Ticket size	No ticket size; it buys listed shares and bonds against a benchmark. S2
External managers	No external managers are described S2
Co-investment programme	None; it is a listed market owner S2

Asset mix: Equities 65.1%, Fixed income 34.9% (as of 2026-02-28) S2

Largest holdings: Equinor 11.04% of equities, DNB Bank 9.33% of equities, Norwegian State bonds 20.21% of fixed income, Nordea Eiendomskreditt 3.96% of fixed income (as of 2026-08-18) S1

Past investments

Year	Investment	Type	Sector	Stage	Amount
2025	Government Fund Tromsø (SFT) portfolio. First investments in July 2025 in listed Nordic small companies, against a NOK 15B allocation. S2	Direct investment	Multi-sector	Public markets	NOK 11.3B invested
Not published	Equinor. Largest equity holding, 11.04 percent of the equity portfolio. S1	Direct investment	Energy: oil and gas	Public markets	Not published
Not published	DNB Bank. Second largest equity holding, 9.33 percent. S1	Direct investment	Financial services	Public markets	Not published
Not published	Aker BP. Returned 28.9 percent in 2025, adding 0.95 percentage points to the fund. S2	Direct investment	Energy: oil and gas	Public markets	Not published
Not published	Mowi. Holding that returned 28.9 percent in 2025. S2	Direct investment	Agriculture and food security	Public markets	Not published
Not published	Orkla. Holding that returned 24.7 percent in 2025. S2	Direct investment	Consumer and retail	Public markets	Not published
Not published	Nordea Eiendomskreditt. Largest corporate bond exposure, 3.96 percent of fixed income. S1	Direct investment	Financial services	Credit	Not published

Case studies

Government Fund Tromsø: building skills in the north S2

What: Parliament created SFT in 2024 and gave Folketrygdfondet NOK 15B to invest in listed Nordic small companies from a new Tromsø office.
When: 2024 to 2025
Size: NOK 15B allocation
Why: To build capital management expertise in Northern Norway.
Outcome: NOK 11.3B invested by end 2025; 6.1 percent return from October 2025.

Active management against the index S4 S2

What: Since 2007 the in-house teams have run SPN actively against a Nordic benchmark.
When: 2007 to 2025
Size: Not published
Why: The mandate asks for the best return at acceptable risk, measured against the benchmark.
Outcome: An excess return of 99 basis points a year since 2007, worth about NOK 69B.

Investment process

The Ministry of Finance sets the mandate and benchmark. The board sets principles, guidelines and risk limits; the CEO and the equity and fixed income departments make investment decisions. S2

Committee	Role
Board of Directors	Turns the mandate into principles, guidelines and risk limits S2

The Ministry sets the mandate, benchmark and risk frame. S2
Equity and fixed income teams manage the listed portfolios in house. S2
The company engages issuers and votes at meetings; it met 157 bond issuers in 2025. S2
Results are reported in the half-year release and the audited annual report. S7 S2

How to approach: No route for outside capital or companies is published; general contact goes through the website. S1

Size and returns

Headline size: NOK 429B (Assets under management, as of 2025-12-31) S4
In US dollars: about USD 42.6B. Converted at NOK 10.0791 per US dollar on 31 December 2025.
SPN, market value: NOK 416.9B (Fund market value, as of 2026-02-28) S2
SFT, invested capital: NOK 11.3B of a NOK 15B allocation (Committed or authorised capital, as of 2026-02-28) S2
Return, 2025: 12.73 percent (SPN; 0.76 percentage points above benchmark) S2
Return, 10 years, 2016 to 2025: 8.09 percent a year (SPN) S4
Staff: 63 employees at end 2025 S2

Leadership

Name	Title	Since
Siri Teigum	Chair of the Board S2	2017-05-16
Kjetil Houg	Chief Executive Officer S2 S7	Not published
Karl Mathisen	Director, Equities S2	Not published
Jørgen Krog Sæbø	Director, Fixed Income S2	Not published
Bjørn Østbø	Deputy Chair S2	Not published
Morten Borge	Board member S2	Not published
Toril Eidesvik	Board member S2	Not published
Frances Eaton	Board member S2	Not published
Thale Kuvås Solberg	Board member S2	Not published
Torres Trovik	Board member S2	Not published
Joakim Kvamvold	Board member S2	Not published

Governance and transparency

Legal basis: Folketrygdfondet Act of 29 June 2007, Government Pension Fund Act of 2005 and Government Fund Tromsø Act of 2024 S2
Oversight: Ministry of Finance as owner; the Office of the Auditor General supervises the State's interests S2
Auditor: External auditor appointed by the Ministry of Finance; internal auditor appointed by the board S2
Not an IFSWF member. S3
GIPS compliant since 2007. S4

Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, long-term returns, asset allocation, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S2 S4 S7
Partly published: geographic or sector split, holdings or deal list. S1 S2

History

Date	Event
1967	Fund set up for National Insurance Scheme surpluses. S1
1979	Last surplus paid in. S1
2008-01-01	Becomes a special-law company. S2
2024-06-25	Government Fund Tromsø created by law. S2
2025-07	First SFT investments. S2
2025	Assets pass NOK 400B; first dividend to owner. S2
2026-04-28	SPN passes NOK 450B. S6
2026-08-18	First-half 2026 return of 7.4 percent. S7

For family offices

Folketrygdfondet invests only in listed Nordic securities and has no private investor programme. Families meet it as a fellow shareholder or bondholder in Nordic companies, where it is often a large, active owner. S2

Holding the same Nordic listed shares and bonds, where it votes and engages with management. S2

Reports

Annual report 2025 (Norwegian): https://drupal.folketrygdfondet.no/sites/default/files/2026-03/A%CC%8Arsrapport%202025_0.pdf S2
First-half 2026 results: https://www.folketrygdfondet.no/en/publications/news/government-pension-fund-norway-nok-31-billion-first-half-year S7

Common questions

How big is Folketrygdfondet?

NOK 429 billion across SPN and SFT at end 2025, about USD 42.6 billion. S4 S5

What did it return in 2025?

12.73 percent for SPN and 6.1 percent for SFT from October 2025. S2

Who leads it?

Chief Executive Kjetil Houg; Siri Teigum chairs the board. S2

Is it the oil fund?

No. The oil fund is the Government Pension Fund Global, run by Norges Bank Investment Management. Folketrygdfondet runs the domestic fund. S2

What does it invest in?

Listed Norwegian and Nordic shares and bonds, managed in house. S4

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All sovereign wealth funds in Europe · All pension reserve funds · All funds in Norway

Sources

Disclaimer

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