"The favourable performance reflects the strong push in equity markets, particularly in January and February. Among the major stock markets, the US and Japanese markets made the largest contribution," says Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM) responsible for managing the GPFG.

Equity investments returned 8.3 percent, while the return on the fixed-income portfolio was 1.1 percent. The return on the GPFG was 0.3 percent higher than on the benchmark index. In the first quarter, NBIM took several initiatives to promote active ownership, and will in future participate in the election of board members at some companies.

"Participation is in line with our long-term intention of establishing closer contact with company boards with a view to safeguarding the fund's values," says Yngve Slyngstad.

The krone exchange rate weakened against many of the major currencies through the quarter, contributing to an increase in the value of the GPFG of NOK 93 billion. In addition, capital in the amount of NOK 60 billion was transferred to the GPFG. The total value of the GPFG stood at NOK 4,182 billion at 31 March, with 62.4 percent allocated to equities, 36.7 percent to fixed-income securities and 0.9 percent to real estate.

• Quarterly report, Q1 2013 (NBIM)