Our investments in government bonds are distributed between countries according to the size of their economy as measured by GDP.
Most of these investments are in developed markets, with a high percentage denominated in euros, dollars, pounds and yen. These bonds will normally have a high credit rating and be very liquid. The mandate also permits up to 5 percent of fixed-income investments to be in bonds from issuers in emerging markets.
The fund invests not only in bonds issued by companies but also in covered bonds, which are issued by banks and backed by a portfolio of mortgages. Corporate bonds normally produce higher returns than government bonds.
All investments in corporate bonds follow an internal or external credit assessment. The portfolio is managed with the aim of ensuring that bonds with a credit rating below investment grade do not exceed 5 percent of the fund’s total bond holdings.
The fund's largest bond holdings
As at 31 December 2022. Millions of kroner.
|IssuerGovernment of United States of America||CountryUS||Holding 1,022,086|
|IssuerGovernment of Japan||CountryJapan||Holding 475,342|
|IssuerGovernment of Germany||CountryGermany||Holding 171,336|
|IssuerMonetary Authority of Singapore||CountrySingapore||Holding 135,851|
|IssuerUnited Kingdom Government||CountryUK||Holding 106,701|
|IssuerGovernment of France||CountryFrance||Holding 73,898|
|IssuerGovernment of Canada||CountryCanada||Holding 64,837|
|IssuerGovernment of Italy||CountryItaly||Holding 63,415|
|IssuerGovernment of Australia||CountryAustralia||Holding 44,187|
|IssuerCanada Mortgage & Housing Corp||CountryCanada||Holding 39,400|
Holdings in fixed-income markets
Percentage of market value of bonds in the benchmark index as at 31 December 2022
Last saved: 07/03/2023