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High Q1 return at Norway’s mighty oil fund boosted further by weakened krone

The fund grew by almost NOK 2trn in the first quarter, not least because of a strong equity performance. But its return was 0.1% lower than its benchmark index due to poor real estate results.
Trond Grande is the deputy CEO of NBIM, which manages the oil fund. | Photo: PR / NBIM
Trond Grande is the deputy CEO of NBIM, which manages the oil fund. | Photo: PR / NBIM
by KIM WIESENER

Norway’s Government Pension Fund Global – known as the oil fund – pulled in a return of 6.3% in the first quarter of this year, equivalent to NOK 1.21trn (EUR 103.1bn), its Q1 figures show.

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