Quick overview

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The world’s largest sovereign wealth fund, Government Pension Fund Global, reported losses of 1.27 trillion Norwegian kroner (approximately $135 billion) in the first quarter of 2026, hit by global market volatility and a stronger domestic currency.

By the end of March, the fund—built on Norway’s oil revenues and invested across global asset classes—had total assets of 19.99 trillion kroner, or about $2.1 trillion.

Deputy CEO Trond Grande said the results “reflect a quarter marked by challenging market conditions.”

He noted that while fixed income and real estate had a limited impact, the main driver of losses was the decline in equities—particularly large U.S. technology stocks.

This was compounded by the appreciation of the Norwegian krone against major global currencies, which led to an additional valuation loss of 646 billion kroner.

Performance by asset class

Overall, the fund posted a negative return of 1.9% for the quarter. Equities, which account for 70.2% of the portfolio, contributed most to the decline with a 2.6% drop.

Fixed income—representing 27.6% of assets—declined marginally by 0.2%, while real estate (1.8% of the portfolio) was the only positive segment, rising 1.2%.

Unlisted renewable energy infrastructure investments, which make up the remaining 0.4%, fell 1.9%.

The fund holds stakes in roughly 8,500 companies worldwide and owns, on average, about 1.5% of all listed companies globally.