Skip to content

Market value

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

Current market value

billion nok

Market value development

In billions of kroner. 2017 values as at 30 September. From 2017, real estate investments include only unlisted real estate.

Click on the legends to select asset classes

Changes in the market value

In billions of kroner. 2017 values as at 30 September

Click on the legends to see a smaller selection

Latest developments

The fund’s market value fell by 68 billion kroner to 7,952 billion kroner in the third quarter of 2017. Equity investments had a market value of 5,242 billion kroner, while the value of fixed-income investments was 2,511 billion kroner. Investments in unlisted real estate had a market value of 199 billion kroner.

In the third quarter of 2017, the fund returned 192 billion kroner. The government made a withdrawal of 10 billion kroner. Fluctuations in the krone led to a decrease in the fund's value of 250 billion kroner. More on the fund's return

At the end of the third quarter of 2017, the fund was invested with 65.9 percent in equities, 31.6 percent in fixed income and 2.5 percent in unlisted real estate.

Asset allocation

As at 30 September 2017

HOLDINGS IN EQUITY MARKETS

Percentage of market value of equities in the benchmark index

Source: FTSE, Norges Bank Investment Management

HOLDINGS IN FIXED-INCOME MARKETS

Percentage of market value of bonds in the benchmark index

Source: Bloomberg Barclays Indices, Norges Bank Investment Management

Key figures

In billions of kroner

  3Q 2017 YEAR-TO-DATE 30.09.2017 2016 2015 2014 2013 2012

Includes exclusively unlisted real estate investments from 2017.

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.

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.

Management costs at subsidiaries are not included in the management fees. Management costs at subsidiaries have been deducted from the fund’s return before management fees.

Market value              
Market value of equity investments 5,242 5,242 4,692 4,572 3,940 3,107 2,336
Market value of fixed-income investments 2,511 2,511 2,577 2,668 2,350 1,879 1,455
Market value of real estate investments1 199 199 242 235 141 52 25
Market value of fund2 7,952 7,952 7,510 7,475 6,431 5,038 3,816
Accrued, not paid, management fees2 -3 -3 -4 -4 -3 -3 -2
Owner's capital2 7,949 7,949 7,507 7,471 6,428 5,035 3,814
               
Inflow/withdrawal of capital3 -10 -46 -101 46 150 241 279
Paid management fees3 0 -4 -4 -3 -3 -2 -3
Return on fund 192 691 447 334 544 692 447
Changes due to fluctuations in krone -250 -199 -306 668 702 291 -220
Total change in market value -68 442 35 1,044 1,393 1,222 504
               
Changes in value since first capital inflow in 1996      
Total inflow of capital4 3,351 3,351 3,397 3,499 3,452 3,302 3,060
Return on fund 3,814 3,814 3,123 2,676 2,343 1,799 1,107
Management fees4 -38 -38 -35 -31 -27 -24 -21
Changes due to fluctuations in krone 826 826 1,025 1,331 663 -39 -331
Market value of fund 7,952 7,952 7,510 7,475 6,431 5,038 3,816
               
Return after management costs 3,776 3,776 3,088 2,645 2,316 1,775 1,087
Show more

Projection for the fund's market value

In billions of kroner. Source: National budget 2018, Ministry of Finance

1 The calculation of the projections from 2018 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 7,898.5
1 January 2019 8,224.1
1 January 2020 8,564.2
1 January 2021 8,932.1
1 January 2022 9,332.2
1 January 2023 9,747.4
1 January 2024 10,197.4
1 January 2025 10,698.2
Show more