Market value

Investment returns, capital inflows and exchange rates affect the fund's market value.

Market value development

In billions of kroner. 2018 values as at 31 December.

Changes in the market value

In billions of kroner. 2018 values as at 31 December.

Latest developments

At the end of 2018 the fund’s market value was 8,256 billion kroner. The equity investments had a market value of 5,477 billion kroner, while the market value of the fixed-income investments was 2,533 billion kroner. The unlisted real estate investments had a market value of 246 billion kroner. 

About half of the fund's value at the end of 2018 was the return on investments. The rest of the mrkest value consist of capital inflows and withdrawals from the Norwegian state and changes in the krone exchange rate.

At the end of the third quarter of 2018, the fund was invested with 66.3 percent in equities, 3.0 percent in unlisted real estate and 30.7 percent in fixed income. 

Asset allocation

As at 31 December. Percent

Holdings in equity markets

Percentage of market value of equities in the benchmark index

Holdings in fixed-income markets

Percentage of market value of bonds in the benchmark index

Key figures

In billions of kroner

  2018 2017 2016 2015 2014 2013
1 Includes listed real estate investments from 01.11.2014 to the end of 2016.
2 The fund’s market value shown in this table does not take into account the management fee. Owner’s capital in the financial statements equals the fund’s market value less accrued, not paid, management fees.
3 Paid management fees are specified separately, and not included in Inflow/withdrawal of capital.
4 Total inflow of capital shown in this table is adjusted for accrued, not paid, management fees.
5 Management costs in subsidiaries are not included in the management fees (see Table 11.2 in the financial reporting section of the annual report 2018) . Management costs in subsidiaries have been deducted from the fund’s return before management fees.
Market value            
Equity investments 5,477 5,653 4,692 4,572 3,940 3,107
Unlisted real estate investments1 246 219 242 235 141 52
Fixed-income investments 2,533 2,616 2,577 2,668 2,350 1,879
Market value of fund2 8,256 8,488 7,510 7,475 6,431 5,038
Accrued, not paid, management fees2 -5 -5 -4 -4 -3 -3
Owner's capital2 8,251 8,484 7,507 7,471 6,428 5,035
             
Inflow/withdrawal of capital3 34 -61 -101 46 150 241
Paid management fees3 -5 -4 -4 -3 -3 -2
Return on fund -485 1,028 447 334 544 692
Changes due to fluctuations in krone  224 15 -306 668 702 291
Total change in market value -233 978 35 1,044 1,393 1,222
             
Changes in value since first capital inflow in 1996
Total inflow of capital4 3,371 3,337 3,397 3,499 3,452 3,302
Return on equity investments 2,545 3,062 2,129 1,786 1,567 1,242
Return on unlisted real estate investments1 69 1,037 955 859 761 551
Return on fixed-income investments 1,052 53 38 31 14 5
Management fees5 -44 -39 -35 -31 -27 -24
Changes due to fluctuations in krone 1,263 1,040 1,025 1,331 663 -39
Market value of fund 8,256 8,488 7,510 7,475 6,431 5,038
             
Return on fund 3,666 4,151 3,123 2,676 2,343 1,799
Return after management costs 3,622 4,111 3,088 2,645 2,316 1,775
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Projection for the fund's market value

In billions of kroner. Source: National budget 2019, Ministry of Finance

The calculation of the projections from 2019 onwards assumes an annual real return of 3 percent and a structural deficit adjusted to this path.

 

1 January 2001 386.6
1 January 2002 619.3
1 January 2003 604.6
1 January 2004 847.1
1 January 2005 1,011.5
1 January 2006 1,390.1
1 January 2007 1,782.8
1 January 2008 2,018.5
1 January 2009 2,279.6
1 January 2010 2,642.0
1 January 2011 3,080.9
1 January 2012 3,307.9
1 January 2013 3,824.5
1 January 2014 5,032.4
1 January 2015 6,430.6
1 January 2016 7,460.8
1 January 2017 7,509.9
1 January 2018 8,484.1
1 January 2019 8,700.0
1 January 2020 9,194.8
1 January 2021 9,686.1
1 January 2022 10,197.6
1 January 2023 10,735.4
1 January 2024 10,299.9
1 January 2025 10,915.3
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Last saved: 27/02/2019

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