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.
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 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
|Unlisted real estate investments 1||273||246||219||242||235|
|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
|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|
The calculation of the projections from 2020 onwards assumes an annual real return of 3 percent and a structural deficit adjusted to this path.
Last saved: 11/10/2019