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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

At end of first half 2023, the fund's market value was 15,299 billion kroner. More than half of the fund's value is return on the investments, and totaled to 7,871 billion kroner. 4,382 billion kroner was net inflows from the government and 3,046 billion kroner came from currency.

Values in billions of kroner.

Asset allocation

At the end of first half 2023, the fund was invested with 71.3 percent in equities, 26.4 in fixed income, 2.3 percent in unlisted real estate and 0.1 in renewable energy infrastructure.

At the end of first half 2023, the fund’s equity investments had a market value of 10,901 billion kroner, while the market value of the fixed-income investments was 4,037 billion kroner. The unlisted real estate investments had a market value of 345 billion kroner and renewable energy infrastructure 16 billion kroner.

Currency
The values are in billions of kroner.
The values are in billions of 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.

The values are percentage of the market value of equities in the benchmark index as at 30 June 2023. Source: FTSE Russell, 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.

1 First unlisted infrastructure investment was made in second quarter of 2021.
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 Total withdrawal of capital shown in this table is adjusted for accrued, not paid, management fees.
4 Management fees are describe in note 11 in the financial statements.
  1H 2023 2022 2021 2020 2019
Market value          
Equity investments 10,901 8,672 8,878 7,945 7,145
Fixed-income investments 4,037 3,412 3,135 2,695 2,670
Unlisted real estate investments 345 330 312 273 273
Unlisted infrastructure investments1 16 15 14    
Market value of fund2 15,299 12,429 12,340 10,914 10,088
Accrued, not paid, management fees3 0 0 1 -5 -4
Owner's capital 2 15,300 12,429 12,340 10,908 10,084
           
Inflow of capital 392 1,090 80 4 32
Withdrawal of capital                            - - -199 -302 -14
Paid management fees4 -3 -5 -10 -4 -5
Return on fund 1,501 -1,637 1,580 1,070 1,692
Changes due to fluctuations in krone 980 642 -25 58 127
Total change in market value 2,870 90 1,426 826 1,832
           
Changes in value since first capital inflow in 1996          
Total inflow of capital 5,136 4,744 3,654 3,574 3,570
Total withdrawal of capital3 -687 -687 -687 -482 -182
Return on equity investments 6,755 5,280 6,485 4,897 4,023
Return on fixed-income investments 1,018 970 1,401 1,446 1,249
Return on unlisted real estate investments 98 119 120 84 85
Return on unlisted infrastructure investments1 1 2 1    
Management fees4 -67 -63 -58 -53 -48
Changes due to fluctuations in krone 3,046 2,065 1,423 1,448 1,390
Market value of fund 15,299 12,429 12,340 10,914 10,088
           
Return on fund 7,871 6,370 8,007 6,427 5,358
Return after management costs 7,805 6,307 7,949 6,374 5,309

Projection for the fund's market value

In billions of kroner. Source: National budget 2024, Ministry of Finance

The estimate is based on the fund value at the end of 2Q 2023, projected with expected real return

Source: The National budget 2024

   
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 10,086.2
1 January 2021 10,907.1
1 January 2022 12,355.2
1 January 2023 12,413.5
1 January 2024 12,413.5

 

Last saved: 07/03/2023

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