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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteNorway’s Government Pension Fund Global (GPFG) ended 2025 valued at NOK 21,268 billion, but its 15.1% return that year cannot be ranked directly against Singapore’s GIC or Abu Dhabi Investment Authority (ADIA): their published figures cover different periods and use different reporting conventions. The useful comparison is how each fund is governed, what it discloses, and what its performance figures actually measure.
What Norway’s fund is—and who manages it
GPFG is Norway’s Government Pension Fund Global, commonly called the oil fund. Norges Bank manages it on behalf of Norway’s Ministry of Finance. The ministry sets the mandate; the central bank is the manager, not the fund’s owner investing its own balance sheet.
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The mandate’s stated objective is “to achieve the highest possible long-term return within the constraints laid down in the mandate from the Ministry of Finance.” Norges Bank Investment Management explains the fund’s role and mandate.
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Norway’s latest reported value, allocation and return
At 31 December 2025, GPFG was valued at NOK 21,268 billion. Norges Bank Investment Management reported a 15.1% investment return for 2025 in the fund’s currency basket, equivalent to NOK 2,362 billion in accounting terms. The return was 0.28 percentage point below the benchmark. These figures are from NBIM’s 2025 annual report.
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| GPFG measure | Reported figure | What it describes |
|---|---|---|
| Value at 31 December 2025 | NOK 21,268 billion | Fund value on that date |
| 2025 investment return | 15.1% | Return in the fund’s currency basket |
| Accounting return in 2025 | NOK 2,362 billion | Return expressed in NOK |
| Difference from benchmark in 2025 | 0.28 percentage point below | One-year benchmark comparison |
At year end, the portfolio was 71.3% equities, 26.5% fixed income, 1.7% unlisted real estate and 0.4% unlisted renewable-energy infrastructure. The rounded percentages total 99.9%. The investments spanned 68 countries and 41 currencies; the currency basket used to measure return comprised 34 currencies.
The 15.1% figure is an investment return, not the percentage change in the fund’s NOK value. Currency translation, investment performance and capital flows can affect reported NOK value differently. Keeping the return measure separate from the year-end asset value avoids treating unlike figures as interchangeable.
How GPFG differs from Singapore’s GIC and Abu Dhabi’s ADIA
These three funds are not identical kinds of investors. Their mandates, public disclosures and reporting calendars differ, so neither allocation figures nor return statistics form a simple league table.
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| Fund | Mandate and oversight | What the cited figures measure | Reporting date and disclosure |
|---|---|---|---|
| Norway’s GPFG | Managed by Norges Bank for the Ministry of Finance within a ministry-set mandate; objective is the highest possible long-term return within its constraints. | 15.1% return in the currency basket for calendar 2025; 0.28 percentage point below its benchmark. | Calendar year; point-in-time portfolio mix and value reported at 31 December 2025. |
| Singapore’s GIC | Mandate is to preserve and enhance the international purchasing power of the reserves placed under its management through good long-term real returns. | For the 20 years ending 31 March 2026: 5.6% annualised nominal return in US dollars and 3.4% annualised real return after global inflation. | Accounting year ends 31 March. Its 2026 framework describes a Strategic Portfolio reflecting the client’s risk appetite and long-term return expectations, alongside an active portfolio seeking to outperform within approved risk parameters. |
| Abu Dhabi Investment Authority (ADIA) | Mission is to sustain Abu Dhabi’s long-term prosperity by prudently growing capital. | At 31 December 2025: annualised point-to-point returns of 6.6% over 20 years and 7.2% over 30 years; time-weighted and based on underlying audited financial data. | Its 2025 review presents long-term strategic allocation ranges rather than a comparable point-in-time allocation in the reviewed summary. |
GIC’s figures are reported in its annual report; ADIA’s figures and strategy information appear in its 2025 annual review.
What ADIA’s allocation ranges do—and do not—show
ADIA publishes long-term strategic portfolio ranges across asset classes and regions. Its 2025 review gives these geographic ranges:
| Region | Long-term strategic range |
|---|---|
| North America | 45–60% |
| Europe | 15–30% |
| Emerging markets | 10–20% |
| Developed Asia | 5–10% |
These are strategic ranges, not actual holdings at 31 December 2025; ADIA notes that ranges may fluctuate and do not total 100%. They should not be compared as though they were the same kind of disclosure as GPFG’s point-in-time allocation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Can you say which fund is bigger or performed better?
Not with a defensible all-fund ranking from these figures. GPFG’s NOK year-end value is established, but the cited information does not give consistently measured current asset values for all major national funds. A meaningful size comparison would require a common valuation date, currency conversion and confirmation that each figure covers the same kinds of assets.
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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Performance comparisons require the same care. GPFG’s 15.1% is a one-year 2025 return in its currency basket; GIC’s 5.6% nominal and 3.4% real returns are annualised over 20 years in US dollars; ADIA’s 6.6% and 7.2% are annualised over 20 and 30 years, respectively. These figures answer different questions and do not establish which fund “performed better.” For a fair comparison, align the period, currency, nominal-versus-real basis, fee treatment and calculation method. Also account for different reporting dates: GPFG and ADIA report to 31 December, while GIC’s accounting year ends 31 March.
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