Current market value billion nok
Market value development
At end of first half 2020 the fund's market value was 10,400 billion kroner. More than half of the fund's value is return on the investments, and totaled to 5,170 billion kroner. 3,169 billion kroner was inflows from the government and 2 062 billion kroner came from currency.
At the end of fist half 2020, the fund was invested with 69.6 percent in equities, 2.8 percent in unlisted real estate and 27.6 percent in fixed income.
At the end of first half 2020 the fund’s equity investments had a market value of 7,234 billion kroner, while the market value of the fixed-income investments was 2,871 billion kroner. The unlisted real estate investments had a market value of 298 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 1.5 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
|First half 2020||2019||2018||2017||2016|
|Equity investments||First half 20207,234||20197,145||20185,477||20175,653||20164,692|
|Unlisted real estate investments||First half 2020295||2019273||2018246||2017219||2016242|
|Fixed-income investments||First half 20202,871||20192,670||20182,533||20172,616||20162,577|
|Market value of fund 1||First half 202010,400||201910,088||20188,256||20178,488||20167,510|
|Accrued, not paid, management fees 1||First half 2020-3||2019-4||2018-5||2017-5||2016-4|
|Owner's capital 1||First half 202010,398||201910,084||20188,251||20178,484||20167,507|
|Inflow/withdrawal of capital 2||First half 2020-167||201918||201834||2017-61||2016-101|
|Paid management fees 2||First half 2020-4||2019-5||2018-5||2017-4||2016-4|
|Return on fund||First half 2020-188||20191,692||2018-485||20171,028||2016447|
|Changes due to fluctuations in krone||First half 2020672||2019127||2018224||201715||2016-306|
|Total change in market value||First half 2020312||20191,832||2018-233||2017978||201635|
|Changes in value since first capital inflow in 1996|
|Total inflow of capital 3||First half 20203,220||20193,389||20183,371||20173,337||20163,397|
|Return on equity investments||First half 20203,685||20194,023||20182,545||20173,062||20162,129|
|Return on unlisted real estate investments||First half 202081||201985||201869||201753||201638|
|Return on fixed-income investments||First half 20201,403||20191,249||20181,052||20171,037||2016955|
|Management fees 4||First half 2020-51||2019-48||2018-44||2017-39||2016-35|
|Changes due to fluctuations in krone||First half 20202,062||20191,390||20181,263||20171,040||20161,025|
|Market value of fund||First half 202010,400||201910,088||20188,256||20178,488||20167,510|
|Return on fun||First half 20205,170||20195,358||20183,666||20174,151||20163,123|
|Return after management costs||First half 20205,119||20195,309||20183,622||20174,111||20163,088|
|1 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.
2 Paid management fees are specified separately, and not included in Inflow/withdrawal of capital.
3 Total inflow of capital shown in this table is adjusted for accrued, not paid, management fees.
4 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 2020, 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.
|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