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Key figures 3Q 2023

The fund's market value decreased by 499 billion kroner to 14,801 billion kroner in the third quarter of 2023. The fund returned -2.1 percent, equivalent to -374 billion kroner. This was 0.17 percentage point better than the return of the benchmark index.

24 October 2023

“The stock market saw a weaker quarter compared to the two previous quarters. It was particularly the tech, industrials and consumer discretionary sectors which contributed negatively to the return”, says Deputy CEO at Norges Bank Investment Management Trond Grande.

At the end of the third quarter of 2023, the fund's market value was 14,801 billion kroner

The fund’s equity investments had a market value of 10,445 billion kroner, fixed-income investments 4,015 billion kroner, unlisted real estate investments 325 billion kroner and renewable energy infrastructure 16 billion kroner. Equities made up 70.6 percent of the fund, fixed income 27.1 percent, unlisted real estate 2.2 percent and renewable energy infrastructure 0.1 percent.

The fund's market value decreased by 499 billion kroner through the third quarter. -374 billion kroner was return on the investments, 139 billion kroner was net inflows from the government and -264 billion kroner came from currency movements. The values in the chart below are in billions of kroner.

-2.1 percent return in the third quarter

The values in the chart below are in percent.

The return on the fund’s equity investments was -2.1 percent, the return on the fixed-income investments was -2.2 percent, whereas investments in unlisted real estate returned -3.3 percent. The return on unlisted renewable energy infrastructure was -2.4 percent. The values in the chart below are in percent.

Historical key figures

Values in billions of kroner.

  30.09.2023 30.06.2023
1 Total withdrawal of capital shown in this table is adjusted for accrued, not paid, management fees.    
Total inflow of capital 5,275 5,136
Total withdrawal of capital1 -687 -687
Total return 7,497 7,871
Management fees -69 -67
Accrued, not paid, management fees 2 0
Changes due to fluctuations in krone 2,782 3,046
Market value of fund 14,801 15,299

Annualised return in percent

As at 30 September 2023. Measured in the fund's currency basket.

  Since 01.01.1998 Last 10 years
Return on fund 5.84 6.39
Annual inflation 2.12 2.44
Annual management costs 0.08 0.05
Net real return on fund 3.56 3.80

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