The Government Pension Fund Global returned 5.3 percent, or 401 billion kroner, in the first quarter of 2015, the highest quarterly return ever.
Equity investments returned 7.5 percent, and fixed-income investments 1.6 percent. The return on these investments was 0.2 percentage point higher than the return on the benchmark indices. Investments in real estate returned 3.1 percent.
"There were big price movements in the European market. After a weak return on European stocks last year, the market rallied in the first quarter," says Yngve Slyngstad, CEO of Norges Bank Investment Management, the fund's manager.
The return for the quarter in krone terms was the highest ever. Previously the two best quarters in the fund's history in krone terms were back in 2009 when the fund returned 270 billion kroner in the second quarter and 325 billion kroner in the third.
The krone weakened against many of the main currencies during the quarter, which increased the fund's value by 175 billion kroner, and new capital of 5 billion kroner was transferred from the government.
The fund had a market value of 7,012 billion kroner on 31 March, of which 62.5 percent was invested in equities, 35.3 percent in fixed income and 2.3 percent in real estate.