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Market value

Investment returns, capital inflows and exchange rates affect the fund's market value.

billion nok

The fund's market value. Billions of kroner.

From 2017, real estate investments includes exclusively unlisted real estate. Market value for 2017 as at 31 March.

Click on the legends to select asset classes

Changes in the fund’s market value

Billions of kroner. 2017 values as at 31 March

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Latest developments

The fund’s market value increased by 357 billion kroner to 7,867 billion kroner in the first quarter of 2017. Equity investments had a market value of 5,082 billion kroner, while the value of fixed-income investments was 2,592 billion kroner. Investments in unlisted real estate had a market value of 194 billion kroner.

In the first quarter of 2017, the fund returned 297 billion kroner. There was a withdrawal of 23 billion kroner by the government. Fluctuations in the krone led to an increase in the fund's value of 83 billion kroner. More on the fund's return

At the end of the first quarter of 2017, the fund was invested with 64.6 percent in equities, 32.9 percent in fixed income and 2.5 percent in unlisted real estate.

 Asset allocation as at 31 March 2017

    

THE FUND'S HOLDINGS IN EQUITY MARKETS

Percent of FTSE Global All Cap Index's market value

Source: FTSE, Norges Bank Investment Management

THE FUND'S 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 as at 31 March 2017. Billions of kroner

  1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016
Includes exclusively unlisted real estate investments from 2017.

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 Management costs in subsidiaries, see Table 9.2 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          
Market value of equity investments 5,082 4,692 4,317 4,275 4,234
Market value of fixed-income investments 2,592 2,577 2,584 2,681 2,622
Market value of real estate investments1 194 242 218 221 223
Market value of fund2 7,867 7,510 7,118 7,177 7,079
Accrued, not paid, management fees2 -1 -4 -3                 -2            -1
Owner's capital2 7,866 7,507 7,116 7,175 7,078
           
Inflow/withdrawal of capital3 -20 -27 -30 -24 -21
Paid management fees3 -4 0 0 0 -4
Return on fund 297 198 240 94 -85
Changes due to fluctuations in krone 83 221 -269 28 -286
Total change in market value 357 392 -58 98 -396
           
Changes in value since first capital inflow in 1996
Total inflow of capital 3,375 3,397 3,423 3,452 3,475
Return on fund 3,420 3,123 2,925 2,685 2,591
Management fees4 -36 -35 -34 -33 -32
Changes due to fluctuations in krone 1,108 1,025 804 1,073 1,045
Market value of fund 7,867 7,510 7,118 7,177 7,079
           
Return after management costs 3,384 3,088 2,891 2,652 2,559 
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Projection for the fund's market value at the beginning of the year. Percent

1 The calculation of the projections assumes an annual withdrawal equivalent to 3 percent of the Government Pension Fund Global.

SOURCE: REVISED NATIONAL BUDGET 2017, MINISTRY OF FINANCEOVERNMENT

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 7,819.9
1 January 2019 8,131.1
1 January 2020 8,465.0
1 January 2021 8,822.2
1 January 2022 9,217.3
1 January 2023 9,630.9
1 January 2024 10,084.3
1 January 2025 10,584.9
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