Key figures 3Q 2022

The fund's market value increased by 559 billion kroner to 12,216 billion kroner in the third quarter of 2022. The fund returned -4.4 percent, equivalent to -449 billion kroner. This was 0.14 percentage point higher than the return of the benchmark index.

28 October 2022

“The third quarter has been characterised by rising interest rates, high inflation, and war in Europe. This has also affected the markets. The return was negative for equities, fixed income, and unlisted real estate”, says Deputy CEO at Norges Bank Investment Management Trond Grande.

At the end of the third quarter of 2022, the fund's market value was 12,216 billion kroner

The fund’s equity investments had a market value of 8,344 billion kroner, while the market value of the fixed-income investments was 3,487 billion kroner. The unlisted real estate investments had a market value of 373 billion kroner and renewable energy infrastructure 13 billion kroner. 68.3 percent of the fund was invested in equities, 28.5 percent in fixed income, 3.1 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.

The fund's market value increased by 559 billion kroner through the third quarter. -449 billion kroner was return on the investments, 306 billion kroner was net inflows from the government and 702 billion kroner came from currency movements. The values in the chart below are in billions of kroner.

-4,4 percent return in the third quarter

The values in the chart below are in percent.

The return on the fund’s equity investments was -4.8 percent, the return on the fixed-income investments was -3.9 percent, whereas investments in unlisted real estate returned -1.1 percent. The return on unlisted renewable energy infrastructure was -3.7 percent.

Historical key figures

Values in billions of kroner.

  30.09.2022 30.06.2022
1 Total withdrawal of capital shown in this table is adjusted for accrued, not paid, management fees.    
Total inflow of capital 4,318 4,012
Total withdrawal of capital1 -687 -687
Total return 5,878 6,327
Management fees -62 -61
Accrued, not paid, management fees 1 0
Changes due to fluctuations in krone 2,768 2,066
Market value of fund 12,216 11,657

Annualised return in percent

As at 30 September 2022. Measured in the fund's currency basket.

  Since 01.01.1998 Last 10 years
Return on fund 5.56 6.52
Annual inflation 2.05 2.19
Annual management costs 0.08 0.05
Net real return on fund 3.36 4.18

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