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 the first half of 2022, the fund's market value was 11,657 billion kroner. More than half of the fund's value is return on the investments, and totalled to 6,327 billion kroner. 3,265 billion kroner was net inflows from the government and 2,066 billion kroner came from currency.

Values in billions of kroner.

Asset allocation

At the end of the first half of 2022, the fund was invested with 68.5 percent in equities, 28.3 in fixed income, 3.0 percent in unlisted real estate and 0.1 in renewable energy infrastructure.

At the end of the first half of 2022, the fund’s equity investments had a market value of 7,986 billion kroner, while the market value of the fixed-income investments was 3,304 billion kroner. The unlisted real estate investments had a market value of 354 billion kroner and renewable energy infrastructure 13 billion kroner.

Currency
The values are in billions of kroner.
The values are in billions of kroner.

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 1.3 percent of all listed companies.

The values are percentage of the market value of equities in the benchmark index as at 30 June 2022. 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.

1 First unlisted infrastructure investment was made in second quarter of 2021.
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 Total withdrawal of capital shown in this table is adjusted for accrued, not paid, management fees.
4 Management fees are describe in note 11 in the financial statements.
  1H 2022 2021 2020 2019 2018
Market value          
Equity investments 7,986 8,878 7,945 7,145 5,477
Fixed-income investments 3,304 3,135 2,695 2,670 2,533
Unlisted real estate investments 354 312 273 273 246
Unlisted infrastructure investments1 13 14      
Market value of fund2 11,657 12,340 10,914 10,088 8,256
Accrued, not paid, management fees3 0 1 -5 -4 -5
Owner's capital 2 11,657 12,340 10,908 10,084 8,251
           
Inflow of capital 358 80 4 32 43
Withdrawal of capital -199 -302 -14 -9
Paid management fees4 -2 -10 -4 -5 -5
Return on fund -1,680 1,580 1,070 1,692 -485
Changes due to fluctuations in krone 642 -25 58 127 224
Total change in market value -682 1,426 826 1,832 -233
           
Changes in value since first capital inflow in 1996          
Total inflow of capital 4,012 3,654 3,574 3,570 3,538
Total withdrawal of capital3 -687 -687 -482 -182 -167
Return on equity investments 5,100 6,485 4,897 4,023 2,545
Return on fixed-income investments 1,085 1,401 1,446 1,249 1,052
Return on unlisted real estate investments 143 120 84 85 69
Return on unlisted infrastructure investments1 -0 1      
Management fees4 -61 -58 -53 -48 -44
Changes due to fluctuations in krone 2,066 1,423 1,448 1,390 1,263
Market value of fund 11,657 12,340 10,914 10,088 8,256
           
Return on fund 6,327 8,007 6,427 5,358 3,666
Return after management costs 6,266 7,949 6,374 5,309 3,622

Projection for the fund's market value

In billions of kroner. Source: National budget 2021, Ministry of Finance

The calculation of the projections from 2020 onwards assumes an annual real return of 3 percent. From 2022 the withdrawal is estimated to 2.8 percent.

Source: The National budget 2021 (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 10,086.2
1 January 2021 10,300.0
1 January 2022 10,542.2
1 January 2023 10,954.9
1 January 2024 11,486.2
1 January 2025 12,091.6

 

Last saved: 17/08/2022

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