Norway’s sovereign wealth fund, officially known as the Government Pension Fund Global, reported a loss of $136 billion in the first quarter of 2026, according to a statement released by Norges Bank Investment Management (NBIM) on Thursday, April 23, 2026. The decline was primarily driven by falling valuations in U.S. Technology stocks, which form a significant portion of the fund’s equity portfolio. Trond Grande, deputy chief executive officer of NBIM, attributed the downturn to a combination of factors including the impact of latest artificial intelligence models on software and service companies, growing concerns about the private credit market, and the onset of conflict in the Middle East.
The fund’s value dropped by 1.27 trillion Norwegian kroner, equivalent to approximately $137 billion, marking its worst quarterly performance since the third quarter of 2023, when it declined by 2.1%. This loss follows a period of strong gains in 2025, during which the fund posted a record annual profit of $247 billion, fueled by rallies in technology, financial, and basic materials stocks. As of the end of 2025, the fund’s total value stood at 21.27 trillion Norwegian kroner, or roughly $2 trillion, making it the largest sovereign wealth fund in the world.
NBIM manages the fund on behalf of the Norwegian population, investing excess revenues from the country’s oil and gas sector. The fund holds stakes in more than 7,000 companies across 60 countries, with equities accounting for about 71% of its investments. Among its largest holdings are significant positions in Apple Inc., Microsoft Corp., Nvidia Corp., Alphabet Inc., and Amazon.com Inc. In January 2026, NBIM disclosed that it owned approximately a 1.3% stake in Nvidia, a 1.2% stake in Apple, and a 1.3% stake in Microsoft.
Despite the first-quarter setback, NBIM leadership emphasized that the fund’s investment strategy remains focused on long-term returns rather than short-term market fluctuations. “We’re not the type of investors that do large adjustments on a short-term basis,” Trond Grande said in a phone interview, noting that the fund continues to monitor developments in AI, geopolitical risks, and credit markets without making reactive portfolio shifts.
The fund’s performance is closely watched globally as a barometer of long-term institutional investing trends. Its transparency and disciplined approach have made it a model for other sovereign wealth funds. While short-term volatility is expected, particularly in sectors exposed to rapid technological change and geopolitical tension, NBIM maintains that its diversified, rule-based strategy is designed to withstand market cycles over decades.
Looking ahead, the fund’s next official update will come with its semi-annual report, expected in August 2026. Until then, NBIM will continue to publish monthly transparency reports detailing its holdings and returns. Investors and policymakers worldwide will be watching to see how the fund navigates evolving challenges in the tech sector, including valuation pressures tied to AI innovation and shifting global economic conditions.
For more information on the Government Pension Fund Global’s holdings, performance data, and investment principles, visit the official website of Norges Bank Investment Management.
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