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. 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
Click on the legends to see a smaller selection
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
Key figures as at 31 March 2017. Billions of kroner
|1Q 2017||4Q 2016||3Q 2016||2Q 2016||1Q 2016|
|1 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 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|
|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|
|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|
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|