To main content

Annual report 2022

The fund returned -14.1 percent, or -1,637 billion kroner, in a year of rising interest rates, high inflation and war in Europe. However, the market value of the fund increased by 90 million kroner. This was because the krone fell against the currencies in which the fund is invested, and because new capital was added to the fund. The fund’s return was 0.87 percentage point higher than the return on the benchmark index, equivalent to 117 billion kroner.

The key figures were presented at a press conference on 31 January

CEO Nicolai Tangen and Deputy CEO Trond Grande presented the fund's key figures for 2022. Some of our expert provided a deeper insight into specific areas and sectors of relevance in the year that has passed. The press conference was in English.

2025 Climate action plan

It is the goal of our responsible investment management for our portfolio companies to align their activities with global net zero emissions in line with the Paris Agreement. Our ambition is for our portfolio companies to achieve net zero emissions by 2050.

Expectation documents

We have published expectations of how companies in our portfolio should address global challenges in their operations since 2008. These expectations largely coincide with the UN Sustainable Development Goals.

Tax and transparency

Download document (pdf)

Ocean sustainability

Download document (pdf)

Biodiversity and ecosystems

Download document (pdf)

Human capital management

Download document (pdf)
More on responsible investment

Strategy plan

Historic management reviews

25 years of investing in fixed income

More on the review Download the review (pdf)

The first 20 years of investing with company insight

More on the review Download the review (pdf)

The first 20 years of investing in equities

More on the review Download the review (pdf)

The first 20 years of investing responsibly

More on the review Download the review (pdf)

The first 10 years with real estate

More on the review Download the review (pdf)

The first 20 years with external managers

More on the review Download the review (pdf)

Analysis

Our analyses are informed by our research and experience as a large, long-term investment manager. The Discussion Note series provides a basis for our investment strategy and advice to the fund’s owner. The Asset Manager Perspective series presents our views on topics relevant to the financial sector. The perspectives are not intended to be definitive but to provide useful input for all market participants.