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 2020 the fund's market value was 10,400 billion kroner. More than half of the fund's value is return on the investments, and totaled to 5,170 billion kroner. 3,169 billion kroner was inflows from the government and 2 062 billion kroner came from currency.

Values in billions of kroner. The 2020 values are as at 30 June.

Asset allocation

At the end of fist half 2020, the fund was invested with 69.6 percent in equities, 2.8 percent in unlisted real estate and 27.6 percent in fixed income.

At the end of first half 2020 the fund’s equity investments had a market value of 7,234 billion kroner, while the market value of the fixed-income investments was 2,871 billion kroner. The unlisted real estate investments had a market value of 298 billion kroner.

The values are in billions of kroner. 2020 values are as at 30 june.
The values are in billions of kroner. 2020 values are as at 30 june.

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. Source: FTSE, 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

  First half 2020 2019 2018 2017 2016
Market value
Equity investmentsFirst half 20207,23420197,14520185,47720175,65320164,692
Unlisted real estate investments First half 20202952019273201824620172192016242
Fixed-income investmentsFirst half 20202,87120192,67020182,53320172,61620162,577
Market value of fund 1First half 202010,400201910,08820188,25620178,48820167,510
Accrued, not paid, management fees 1First half 2020-32019-42018-52017-52016-4
Owner's capital 1First half 202010,398201910,08420188,25120178,48420167,507
Inflow/withdrawal of capital 2First half 2020-1672019182018342017-612016-101
Paid management fees 2First half 2020-42019-52018-52017-42016-4
Return on fundFirst half 2020-18820191,6922018-48520171,0282016447
Changes due to fluctuations in kroneFirst half 2020672201912720182242017152016-306
Total change in market valueFirst half 202031220191,8322018-2332017978201635
Changes in value since first capital inflow in 1996
Total inflow of capital 3First half 20203,22020193,38920183,37120173,33720163,397
Return on equity investmentsFirst half 20203,68520194,02320182,54520173,06220162,129
Return on unlisted real estate investments First half 202081201985201869201753201638
Return on fixed-income investmentsFirst half 20201,40320191,24920181,05220171,0372016955
Management fees 4First half 2020-512019-482018-442017-392016-35
Changes due to fluctuations in kroneFirst half 20202,06220191,39020181,26320171,04020161,025
Market value of fundFirst half 202010,400201910,08820188,25620178,48820167,510
Return on funFirst half 20205,17020195,35820183,66620174,15120163,123
Return after management costsFirst half 20205,11920195,30920183,62220174,11120163,088
1 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.
2 Paid management fees are specified separately, and not included in Inflow/withdrawal of capital.
3 Total inflow of capital shown in this table is adjusted for accrued, not paid, management fees.
4 Management costs in subsidiaries, see Table 11.2 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..

Projection for the fund's market value

In billions of kroner. Source: National budget 2020, Ministry of Finance

The calculation of the projections from 2020 onwards assumes an annual real return of 3 percent and a structural deficit adjusted to this path.

Source: The National budget 2020 (in Norwegian)

   
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 9,500.0
1 January 2021 9,984.7
1 January 2022 10,477.3
1 January 2023 11,011.5
1 January 2024 11,591.1
1 January 2025 12,213.4

 

Last saved: 11/10/2019

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