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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. 2018 values as at 30 June

Click on the legends to select asset classes

Changes in the market value

In billions of kroner. 2018 values as at 30 June

Click on the legends to see a smaller selection

Latest developments

The fund’s market value increased by 213 billion kroner to 8,337 billion kroner in the second quarter of 2018. Equity investments had a market value of 5,566 billion kroner, while the unlisted real estate investments had a market value of 220 billion kroner. The market value of fixed-income investments was 2,551 billion kroner.

The fund returned 167 billion kroner in the second quarter of 2018. The government made a withdrawal of 2 billion kroner. Fluctuations in the krone led to an increase in the fund's value of 47 billion kroner. More on the fund's return

At the end of the second quarter of 2018, the fund was invested with 66.8 percent in equities, 2.6 percent in unlisted real estate and 30.6 percent in fixed income. 

Asset allocation

As at 30 June 2018. Percent

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

  Year-to-date 30.06.2018 2017 2016 2015 2014 2013
1 Includes listed real estate investments from 1 November 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. The accrued management fee for 2017 of 4.7 billion kroner was withdrawn from the krone account in the first quarter of 2018, but was unsettled per 31 March 2018 and will be cash-settled in the second quarter.
4 Total inflow of capital shown in this table is adjusted for accrued, not paid, management fees.
5 Management costs in subsidiaries, see Table 10.2 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.
Market value            
Equity investments 5,566 5,653 4,692 4,572 3,940 3,107
Unlisted real estate investments1 220 219 242 235 141 52
Fixed-income investments 2,551 2,616 2,577 2,668 2,350 1,879
Market value of fund2 8,337 8,488 7,510 7,475 6,431 5,038
Accrued, not paid, management fees2 -3 -5 -4 -4 -3 -3
Owner's capital2 8,335 8,484 7,507 7,471 6,428 5,035
             
Inflow/withdrawal of capital3 -8 -61 -101 46 150 241
Paid management fees3 -5 -4 -4 -3 -3 -2
Return on fund -3 1,028 447 334 544 692
Changes due to fluctuations in krone  -135 15 -306 668 702 291
Total change in market value -151 978 35 1,044 1,393 1,222
             
Changes in value since first capital inflow in 1996     
Total inflow of capital4 3,328 3,337 3,397 3,499 3,452 3,302
Return on equity investments 3,059 3,062 2,129 1,786 1,567 1,242
Return on unlisted real estate investments1 62 1,037 955 859 761 551
Return on fixed-income investments 1,027 53 38 31 14 5
Management fees5 -42 -39 -35 -31 -27 -24
Changes due to fluctuations in krone 904 1,040 1,025 1,331 663 -39
Market value of fund 8,337 8,488 7,510 7,475 6,431 5,038
             
Return on fund 4,147 4,151 3,123 2,676 2,343 1,799
Return after management costs 4,105 4,111 3,088 2,645 2,316 1,775
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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
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