Current market value billion nok
Market value development
In billions of kroner. 2019 values as at 31 March.
Changes in the market value
In billions of kroner. 2019 values as at 31 mars.
At the end of 1Q 2019 the fund’s market value was 8,938 billion kroner. The equity investments had a market value of 6,186 billion kroner, while the market value of the fixed-income investments was 2,505 billion kroner. The unlisted real estate investments had a market value of 247 billion kroner.
About half of the fund's value is return on the 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 first quarter of 2019, the fund was invested with 69.2 percent in equities, 2.8 percent in unlisted real estate and 28.0 percent in fixed income.
As at 31 March 2019. 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
In billions of kroner
|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, see Table 10.2 in the financial reporting section of the first quarter 2019 report, are not included in the management fees. Management costs in subsidiaries have been deducted from the fund’s return before management fees.
|Unlisted real estate investments1||247||246||219||242||235||141|
|Market value of fund2||8,938||8,256||8,488||7,510||7,475||6,431|
|Accrued, not paid, management fees2||-1||-5||-5||-4||-4||-3|
|Inflow/withdrawal of capital3||8||34||-61||-101||46||150|
|Paid management fees3||-5||-5||-4||-4||-3||-3|
|Return on fund||738||-485||1,028||447||334||544|
|Changes due to fluctuations in krone||-60||224||15||-306||668||702|
|Total change in market value||682||-233||978||35||1,044||1,393|
|Changes in value since first capital inflow in 1996|
|Total inflow of capital4||3,376||3,371||3,337||3,397||3,499||3,452|
|Return on equity investments||3,203||2,545||3,062||2,129||1,786||1,567|
|Return on unlisted real estate investments1||73||69||53||38||31||14|
|Return on fixed-income investments||1,128||1,052||1,037||955||859||761|
|Changes due to fluctuations in krone||1,203||1,263||1,040||1,025||1,331||663|
|Market value of fund||8,938||8,256||8,488||7,510||7,475||6,431|
|Return on fund||4,404||3,666||4,151||3,123||2,676||2,343|
|Return after management costs||4,359||3,622||4,111||3,088||2,645||2,316|
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|
Last saved: 27/02/2019