Investment returns, capital inflows and exchange rates affect the fund's market value.
The fund's market value
Billions of kroner. From 2017, real estate investments includes exclusively unlisted real estate.
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Change in the fund's market value
Billions of kroner
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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.
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