Investment returns, capital inflows and exchange rates affect the fund's market value.
Current market value
Market value development
In billions of kroner. 2017 values as at 30 September. From 2017, real estate investments include only unlisted real estate.
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Changes in the market value
In billions of kroner. 2017 values as at 30 September
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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.
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
In billions of kroner
|3Q 2017||YEAR-TO-DATE 30.09.2017||2016||2015||2014||2013||2012|
1 Includes exclusively unlisted real estate investments from 2017.
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 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 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|
|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|
|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|
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|