Equity management

An equity, or share, is a stake in a company that entitles the holder to a proportion of its profit. How much profit a company makes depends on factors such as the economy, the company’s ability to create value, and market conditions.

The fund’s equity investments span around 9,000 companies in numerous countries, industries and currencies all around the world. Our investments are limited to companies listed on regulated exchanges, and the fund is not permitted to hold more than 10 percent of the shares in a listed company, with the exception of real estate companies.

Our equity investments are spread across a variety of sectors. The greatest geographical exposure is to North America and Europe, followed by developed markets in the Asia-Pacific region and emerging markets.

The fund’s benchmark index is set by the Ministry of Finance. The equity portion of the benchmark index is based on the FTSE Global All Cap index.

Responsible investment

Companies’ activities can have a great impact on local communities and the environment. Over time, this could affect their profitability and so the fund’s return. As a responsible investor, we make active use of our voting rights and vote at all shareholder meetings. We assess companies’ corporate governance and sustainability performance, and we issue clear expectations of the companies we invest in. There are also some types of company we choose not to invest in. Read more about our responsible investment

The fund's largest equity holdings

In millions of kroner as at 30 June 2023.

Company Country Holding
CompanyApple IncCountryUSHolding358,871
CompanyMicrosoft CorpCountryUSHolding332,607
CompanyAlphabet IncCountryUSHolding174,063
CompanyAmazon.com IncCountryUSHolding152,257
CompanyNVIDIA CorpCountryUSHolding131,730
CompanyNestle SACountrySwitzerlandHolding100,258
CompanyMeta Platforms IncCountryUSHolding99,940
CompanyTaiwan Semiconductor Manufacturing Co LtdCountryTaiwanHolding84,753
CompanyASML Holding NVCountryNetherlandsHolding84,696
CompanyTesla IncCountryUSHolding80,038

The funds holdings in equity markets

The equity investments consists of ownership shares in more than 9,000 companies world wide. On average the fund owns 1.5 percent of all listed companies.

The values are percentage of the market value of equities in the benchmark index as at 30 June 2023. Source: FTSE Russell, Norges Bank Investment Management

Last saved: 16/08/2023

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