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Key figures 1Q 2022

The fund's market value decreased by 683 billion kroner to 11,657 billion kroner in the first quarter of 2022. The fund returned -4,9 percent, equivalent to -653 billion kroner. This was 0,66 percentage point higher than the return of the benchmark index.

21 April 2022

"The first quarter has been characterised by geopolitical turbulence, which has also affected the markets. The return was negative for both equities and fixed income, but positive for unlisted real state", says Deputy CEO Trond Grande

At the end of the first quarter of 2022 the fund's market value was 11,657 billion kroner.

The fund’s equity investments had a market value of 8,262 billion kroner, while the market value of the fixed-income investments was 3,066 billion kroner. The unlisted real estate investments had a market value of 315 billion kroner and renewable energy infrastructure 13 billion kroner. 70.9 percent of the fund was invested in equities, 26.3 percent in fixed income, 2.7 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure. The values in the chart below are in billions of kroner and shows the last five quarters.

More than half of the fund's market value is return on the investments, and totaled to -653 billion kroner. 141 kroner was net inflows from the government and -171 billion kroner came from currency. The values in the chart below are in billions of kroner.

-4,9 percent return in the first quarter

The values in in the chart below are in percent.

The return on the fund’s equity investments was -5.2 percent, the return on the fixed-income investments was -4.8 percent, whereas investments in unlisted real estate returned 4.1 percent. The return on unlisted renewable energy infrastructure was -3.3 percent.

Historical key figures

Values in billions of kroner.

  31.03.2022 31.12.2021
1 Total withdrawal of capital shown in this table is adjusted for accrued, not paid, management fees.    
Total inflow of capital 3,794 3,654
Total withdrawal of capital1 -687 -687
Total return 7,355 8,007
Management fees -60 -58
Accrued, not paid, management fees 2 -1
Changes due to fluctuations in krone 1,252 1,423
Market value of fund 11,657 12,340

Annualised return in percent

As at 31 March 2022. Measured in the fund's currency basket.

  Since 01.01.1998 Last 10 years
Return on fund 6.33 8.41
Annual inflation 1.95 1.93
Annual management costs 0.08 0.05
Net real return on fund 4.22 6.30

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