Market value

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

Current market value billion nok

Market value development

At end of 2019 the fund's market value was 10,088 billion kroner. More than half of the fund's value is return on the investments, and totaled to 5,358 billion kroner. 3,389 billion kroner was inflows from the government and 1 390 billion kroner came from currency.

Values in billions of kroner.

Asset allocation

At the end of 2019, the fund was invested with 70.8 percent in equities, 2.7 percent in unlisted real estate and 26.5 percent in fixed income.

At the end of 3Q 2019 the fund’s equity investments had a market value of 6,729 billion kroner, while the market value of the fixed-income investments was 2,744 billion kroner. The unlisted real estate investments had a market value of 268 billion kroner.

The values are in billions of kroner. 2019 values are as at 30 September.
The values are in billions of kroner. 2019 values are as at 30 September.

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 1.5 percent of all listed companies.

The values are percentage of the market value of equities in the benchmark index. Source: FTSE, Norges Bank Investment Management

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.

The values are percentage of market value of bonds in the benchmark index. Source: Bloomberg Barclays Indices, Norges Bank Investment Management

Key figures

Values in billions of kroner

  2019 2018 2017 2016 2015
Market value
Equity investments 7,145 5,477 5,653 4,692 4,572
Unlisted real estate investments 1 273 246 219 242 235
Fixed-income investments 2,670 2,533 2,616 2,577 2,668
Market value of fund 2 10,088 8,256 8,488 7,510 7,475
Accrued, not paid, management fees 2 -4 -5 -5 -4 -4
Owner's capital 2 10,084 8,251 8,484 7,507 7,471
           
Inflow/withdrawal of capital 3 18 34 -61 -101 46
Paid management fees 3 -5 -5 -4 -4 -3
Return on fund 1,692 -485 1,028 447 334
Changes due to fluctuations in krone 127 224 15 -306 668
Total change in market value 1,832 -233 978 35 1,044
           
Changes in value since first capital inflow in 1996
Total inflow of capital 4 3,389 3,371 3,337 3,397 3,499
Return on equity investments 4,023 2,545 3,062 2,129 1,786
Return on unlisted real estate investments 1 85 69 53 38 31
Return on fixed-income investments 1,249 1,052 1,037 955 859
Management fees 5 -48 -44 -39 -35 -31
Changes due to fluctuations in krone 1,390 1,263 1,040 1,025 1,331
Market value of fund 10,088 8,256 8,488 7,510 7,475
           
Return on fun 5,358 3,666 4,151 3,123 2,676
Return after management costs 5,309 3,622 4,111 3,088 2,645
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 11.2 in the financial reporting section, are not included in the management fees. Management costs in subsidiaries have been deducted from the fund’s return before management fees..

Projection for the fund's market value

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

The calculation of the projections from 2020 onwards assumes an annual real return of 3 percent and a structural deficit adjusted to this path.

Source: The National budget 2020 (in Norwegian)

   
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 9,500.0
1 January 2021 9,984.7
1 January 2022 10,477.3
1 January 2023 11,011.5
1 January 2024 11,591.1
1 January 2025 12,213.4

 

Last saved: 11/10/2019

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