Many investors look at Norway’s Government Pension Fund Global as a benchmark. In this guide, moneyland.ch shows you what the fund invests in, and how you can replicate it.
The mention of Norway often evokes pictures of stunning landscapes with imposing fjords. But the Scandinavian country is also famous for the success of its government investment fund, which is held in high regard by many experts and politicians.
This moneyland.ch guide answers the most important questions about the country’s Government Pension Fund Global, and tells you how you can invest in Norway.
What is the Norwegian fund?
The Government Pension Fund Global, and often referred to as the Norwegian sovereign wealth fund or the Norwegian oil fund, is a state-owned investment fund that invests Norway’s oil and gas revenues. The purpose of the fund is to provide for the country if and when its readily-available natural resources are depleted. Both investors and politicians from many countries look at the fund as a benchmark for stable returns based on stock investments.
The government fund is not driven by high returns only, but also aims to invest in a sustainable way. What that means is that in addition to looking at the potential profitability of investments, it also places a relatively strong emphasis on ESG criteria.
What does Norway’s state fund invest in?
The Government Pension Fund Global focuses on stock investments. It holds shares in about 7100 companies around the world. Around 1.5 percent of all publicly-traded equity is owned by the fund, making it the world’s largest shareholder. Stocks make up around 70 percent of the fund’s assets, with bonds, real estate, and other investments sharing the remaining part of its portfolio.
If you take a closer look at the Norwegian fund’s stock component, you can see that the portion made up of US stocks is much smaller than the US weightings of many global stock indexes. While a US component of almost 54 percent is still enormous, most well-known global stock indexes have US stock components of at least 60 percent (as per September 2026).
The management costs of the Norwegian state fund are very low, equalling 0.07 percent of the assets under management. That is similar to the total expense ratio’s (TERs) of the most affordable exchange-traded funds (ETFs).
Can I invest in the Norwegian state fund using an ETF?
There are no ETFs which directly replicate the Government Pension Fund Global. But it is possible to replicate the composition of the fund, to a large extent, using several different ETFs. You can use ETFs to invest in diversified portfolios of stocks, bonds, and real estate.
How can I replicate the stock component of Norway’s sovereign wealth fund?
ETFs that invest in global stock indexes can be used to mimic the Norwegian fund’s stock component. In fact, the Norwegian fund uses the FTSE All Cap Index as a benchmark against which it compares its performance. One difference is that the FTSE All Cap Index does not incorporate ESG criteria, which are an integral part of the Norwegian sovereign fund. For that reason, it is beneficial to use an ESG sub-index of a global stock index, such as the FTSTE Global All Cap Choice index.
Table 1: A selection of ETFs that replicate ESG global stock indexes
| ETF | ISIN | Domicile of fund |
TER | Dividends | Replication |
|---|---|---|---|---|---|
| FTSE Global All Cap Choice Index | |||||
| Vanguard ESG Global All Cap UCITS ETF (USD) Accumulating |
IE00BNG8L278 | Ireland | 0.24% | Accumulating | Sampling |
| Vanguard ESG Global All Cap UCITS ETF (USD) Distributing |
IE00BNG8L385 | Ireland | 0.24% | Distributing | Sampling |
| MSCI World SRI Select Reduced Fossil Fuels Index | |||||
| iShares MSCI World SRI UCITS ETF EUR (Acc) |
IE00BYX2JD69 | Ireland | 0.20% | Accumulating | Sampling |
| iShares MSCI World SRI UCITS ETF USD (Dist) |
IE00BDZZTM54 | Ireland | 0.20% | Distributing | Sampling |
| MSCI World ESG Leaders Select 5% Issuer Capped | |||||
| Amundi MSCI World ESG Leaders UCITS ETF Acc |
IE00016PSX47 | Ireland | 0.18% | Accumulating | Sampling |
Source: Justetf.com. Date: September 8, 2026.
The global ETFs in Table 1 all have comparatively large US stock components, with US stocks making up at least 60 percent of their stock portfolios (as per September 2026). That means the weighting os US stocks is much higher than that used in the Norwegian fund (54 percent). By contrast, the European stock component of the Norwegian sovereign wealth fund is 21 percent, which is larger that those of most global indexes.
If you want to more accurately replicate the Norwegian fund’s European stock component, you can use a separate European stock ETF in addition to the global stock ETF to enlarge the European stock component. You could, for example, use an ETF that replicates the Stoxx Europe 600 ESG+ Index.
How can I replicate the bond component of Norway’s sovereign wealth fund?
The Norwegian sovereign wealth fund invests in both government bonds and corporate bonds. You can replicate the bond component, which makes up around 26 percent of the whole portfolio, using a broadly-diversified bond ETF. The Vanguard Global Aggregate Bond UCITS ETF CHF Hedged Accumulating is one example. You can find useful information in the moneyland.ch guide to investing in bond ETFs.
Compare stockbrokers
In order to invest in ETFs and other securities, you need to have an account with a stockbroker. The costs of investing – including brokerage fees and custody fees – can be very different depending on which stockbroker you use. It is advisable to get an overview of the different offers available before you invest. The moneyland.ch stockbroker comparison lets you compare offers based on your needs.
Alternatively, you can also invest in ETFs using the Swiss neobanks Zak, Yuh and Neon. However, they only offer a relatively small selection of ETFs, so the ETFs you want to invest in may not be available. For more information on investing with neobanks, see the specialized guide from moneyland.ch.
How can I replicate the real estate component of the Norwegian sovereign wealth fund?
Buying entire properties directly requires enormous amounts of capital. Additionally, the real estate component of the Norwegian fund makes up just a fraction of the whole portfolio. For those, reasons, replicating the real estate component by buying physical properties is not a realistic option for most investors.
A more realistic way to replicate the real estate component is to invest in a diversified, international real estate ETF. It is important to understand that these ETFs do not invest directly in real estate themselves. Instead, they invest in real estate companies, that in turn invest in actual properties. Strictly speaking, these should be included in your stock component.
Table 2: Overview of select real estate ETFs
| ETF | ISIN | Domicile of fund | TER | Dividends | Replication |
|---|---|---|---|---|---|
| HSBC FTSE EPRA NAREIT Developed UCITS ETF USD |
IE00B5L01S80 | Ireland | 0.24% | Distributing | Physical |
| VanEck Global Real Estate UCITS ETF | NL0009690239 | Netherlands | 0.25% | Distributing | Physical |
| iShares Developed Markets Property Yield UCITS ETF |
IE00B1FZS350 | Ireland | 0.59% | Distributing | Sampling |
Source: Fund managers and Justetf.con. Date: September 8, 2026.
How well has the Norwegian sovereign fund performed?
Between the start of 1998 and the end of June 2026, Norway’s sovereign wealth fund delivered an average annualised return of 6.86 percent in Norwegian kroner. That is an enviable return for what is essentially a somewhat conservative portfolio. It is comparable to the long-term performance of diversified stock portfolios, such as ETFs that replicate global stock indexes.
Be aware that the Norwegian sovereign fund is not focused on maximising returns. The bond and real estate components are meant to add security to the fund. Additionally, the fund also places importance on ESG criteria like sustainability.
Important: There is no way to predict future returns. Both short-term and long-term losses are possible at any time, although using a well-diversified portfolio like that of Norway’s sovereign fund does reduce the risk of loss.
Disclaimer: This article is provided for informational purposes only, and should not be seen as investment advice. The publishers do not accept any liability in relation to this article.
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