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. 2019 values as at 31 March.

Changes in the market value

In billions of kroner. 2019 values as at 31 mars.

Latest developments

At the end of 1Q 2019 the fund’s market value was 8,938 billion kroner. The equity investments had a market value of 6,186 billion kroner, while the market value of the fixed-income investments was 2,505 billion kroner. The unlisted real estate investments had a market value of 247 billion kroner. 

About half of the fund's value is return on the investments. The rest of the market value consist of capital inflows and withdrawals from the Norwegian state and changes in the krone exchange rate.

At the end of the first quarter of 2019, the fund was invested with 69.2 percent in equities, 2.8 percent in unlisted real estate and 28.0 percent in fixed income. 

Asset allocation

As at 31 March 2019. Percent

Holdings in equity markets

Percentage of market value of equities in the benchmark index

Holdings in fixed-income markets

Percentage of market value of bonds in the benchmark index

Key figures

In billions of kroner

  31.03.2019 2018 2017 2016 2015 2014
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 10.2 in the financial reporting section of the first quarter 2019 report, 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 investments31.03.20196,18620185,47720175,65320164,69220154,57220143,940
Unlisted real estate investments131.03.201924720182462017219201624220152352014141
Fixed-income investments31.03.20192,50520182,53320172,61620162,57720152,66820142,350
Market value of fund231.03.20198,93820188,25620178,48820167,51020157,47520146,431
Accrued, not paid, management fees231.03.2019-12018-52017-52016-42015-42014-3
Owner's capital231.03.20198,93720188,25120178,48420167,50720157,47120146,428
Inflow/withdrawal of capital331.03.201982018342017-612016-1012015462014150
Paid management fees331.03.2019-52018-52017-42016-42015-32014-3
Return on fund31.03.20197382018-48520171,028201644720153342014544
Changes due to fluctuations in krone31.03.2019-602018 2242017152016-30620156682014702
Total change in market value31.03.20196822018-233201797820163520151,04420141,393
Changes in value since first capital inflow in 1996
Total inflow of capital431.03.20193,37620183,37120173,33720163,39720153,49920143,452
Return on equity investments31.03.20193,20320182,54520173,06220162,12920151,78620141,567
Return on unlisted real estate investments131.03.201973201869201753201638201531201414
Return on fixed-income investments31.03.20191,12820181,05220171,037201695520158592014761
Management fees531.03.2019-452018-442017-392016-352015-312014-27
Changes due to fluctuations in krone31.03.20191,20320181,26320171,04020161,02520151,3312014663
Market value of fund31.03.20198,93820188,25620178,48820167,51020157,47520146,431
Return on fund31.03.20194,40420183,66620174,15120163,12320152,67620142,343
Return after management costs31.03.20194,35920183,62220174,11120163,08820152,64520142,316

Projection for the fund's market value

In billions of kroner. Source: National budget 2019, Ministry of Finance

The calculation of the projections from 2019 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 8,700.0
1 January 2020 9,194.8
1 January 2021 9,686.1
1 January 2022 10,197.6
1 January 2023 10,735.4
1 January 2024 10,299.9
1 January 2025 10,915.3

Last saved: 27/02/2019

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