Current market value billion nok
Market value development
At end of the first half of 2021 the fund's market value was 11,673 billion kroner. More than half of the fund's value is return on the investments, and totaled to 7,417 billion kroner. 2,942 billion kroner was inflows from the government and 1,369 billion kroner came from currency.
In the first half of 2021, the fund was invested with 72.4 percent in equities, 25.1 percent in fixed income, 2.4 percent in unlisted real estate and 0.1 percent in unlisted renewable energy infrastructure.
At the end of first half 2021 the fund’s equity investments had a market value of 8,452 billion kroner, while the value of the fixed-income investments was 2,925 billion kroner. The unlisted real estate investments had a market value of 281 billion kroner and the unlisted renewable energy infrastructure investments 14 billion kroner.
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 1.4 percent of all listed companies.
Holdings in fixed-income markets
The fixed-income investments are allocated bonds issued by governments and related institutions and securities issued by companies. Up to 30 percent of the fund can be invested in fixed-income.
Values in billions of kroner
1 Includes listed real estate investments from 01.11.2014 to the end of 2016.
2 First unlisted infrastructure investment were made in second quarter of 2021.
3 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.
|First half 2021||2Q 2021||1Q 2021||4Q 2020||3Q 2020||Year-to-date|
|Unlisted real estate investments1||281||281||270||273||292||281|
|Unlisted infrastructure investments2||14||14||14|
|Market value of fund3||11,673||11,673||11,034||10,914||10,610||11,673|
|Accrued, not paid, management fees4||-3||-3||-2||-5||-4||-3|
|Inflow/withdrawal of capital5||-147||-69||-78||-25||-105||-147|
|Paid management fees5||-5||0||-5||0||0||-5|
|Return on fund||990||608||382||846||412||990|
|Changes due to fluctuations in krone||-79||100||-178||-517||-97||-79|
|Total change in market value||759||639||120||303||210||759|
|Changes in value since first capital inflow in 1996|
|Total inflow of capital5||2,942||2,942||3,010||3,092||3,116||2,942|
|Return on equity investments||5,929||5,929||5,364||4,897||4,070||5,929|
|Return on fixed-income investments||1,393||1,393||1,358||1,446||1,428||1,393|
|Return on unlisted real estate investments1||96||96||87||84||83||96|
|Return on unlisted infrastructure investments2||0||0||0|
|Changes due to fluctuations in krone||1,369||1,369||1,269||1,448||1,965||1,369|
|Market value of fund||11,673||11,673||11,034||10,914||10,610||11,673|
|Return on fund||7,417||7,417||6,809||6,427||5,581||7,417|
|Return after management costs||7,361||7,361||6,754||6,374||5,529||7,361|
Projection for the fund's market value
In billions of kroner. Source: National budget 2021, Ministry of Finance
The calculation of the projections from 2020 onwards assumes an annual real return of 3 percent. From 2022 the withdrawal is estimated to 2.8 percent.
|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||8,243.4|
|1 January 2020||10,086.2|
|1 January 2021||10,300.0|
|1 January 2022||10,542.2|
|1 January 2023||10,954.9|
|1 January 2024||11,486.2|
|1 January 2025||12,091.6|
Last saved: 18/08/2021