Holdings as at 31.12.2014

The fund invests in equities, bonds and real estate globally.

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Global investments

To achieve broad exposure to global economic growth the fund invests widely in most markets, countries and currencies outside Norway. The largest geographic exposures are to Europe and North America, followed by developed markets in Asia and Oceania and emerging markets. At the end of 2014, the fund's holdings related to 75 countries and 47 currencies.

On average, the fund holds 1.3 percent of listed companies globally, and 2.4 percent of European companies. The fund also holds bonds in most major developed markets and increasingly in emerging markets. The fixed-income holdings consist of bonds issued by governments, international institutions and companies. The real estate portfolio is in a start-up phase. It consist of both properties and holdings in listed real estate companies. The investments are in buildings in the office, retail and logistics sectors in key markets in Europe and the US.

Investments by region AS at 31 December 2014

                    

Asset allocation as at end of 2014

  • 9,134 equity investments, at a market value of 3,940 billion kroner, accounting for 61.3 percent of the portfolio
  • 4,256 fixed-income investments, at a market value of 2,350 billion kroner, accounting for 36.5 percent of the portfolio
  • Real estate investments at a market value of 141 billion kroner, accounting for 2.2 percent of the portfolio

Strategic allocation

Guidelines are set for the fund to hold 60 percent of its assets in equities, 35 percent to 40 percent in fixed income and up to 5 percent in real estate.

Annual holdings list

We publish the complete list of the fund's holdings annually, coinciding with the publication of the fund’s annual report. The quarterly reports also provide updated lists of the top ten stock and bond holdings.

country association methodology

Equities

Country association according to FTSE (the benchmark provider for equities). If a company is not in the benchmark, the country of incorporation and country of listing is used, given that these are equal. For remaining securities, a further assessment is made. Country is defined as a sovereign state currently member of the United Nations, exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014.

Fixed income

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations, exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014.