Government Pension Fund Global, Oslo, returned 4% in the first quarter, with equities and real estate gains slightly offset by losses for its fixed-income exposure.
The sovereign wealth fund's investment return was equivalent to a 382 billion Norwegian kroner ($44.6 billion) gain, an update said Wednesday.
For the fourth quarter, GPFG gained 10%, while for the first quarter 2020, the fund's investment return was -14.6%, dragged down by equity performance amid the height of the coronavirus crisis.
Equity exposure gained 6.6%, driven in particular by the finance and energy sectors. The fund had a 73.1% allocation to equities as of March 31. Equity investments lost 21.1% in the first quarter 2020. Returns by asset class for the fourth quarter were not available.
Unlisted real estate gained 1.4%, with a 2.5% allocation. That compared with a 1.7% gain for the same quarter in 2020.
The fund's 24.5% exposure to fixed income returned -3.2%, compared with a 1.3% gain in the first quarter of 2020.
Foreign-exchange rates also impacted on the fund, with the kroner's appreciation vs. several other currencies during the quarter leading to a decrease in its value of 178 billion kroner. Currency moves led to a 1.15 trillion kroner gain in the first quarter of 2020.
Withdrawals from GPFG totaled 83 billion kroner for the first quarter, compared with 67 billion kroner of withdrawals for the same quarter of 2020.
The fund's assets increased 1.1% for the quarter and grew 10.3% for the year to 11.03 trillion kroner as of March 31.