Market value
Current market value billion nok
Market value development
At end of 2022, the fund's market value was 12,429 billion kroner. More than half of the fund's value is return on the investments, and totaled to 6,370 billion kroner. 3,994 billion kroner was net inflows from the government and 2,065 billion kroner came from currency.
Asset allocation
At the end of 2022, the fund was invested with 69.8 percent in equities, 27.5 in fixed income, 2.7 percent in unlisted real estate and 0.1 in renewable energy infrastructure.
At the end of 2022, the fund’s equity investments had a market value of 8,672 billion kroner, while the market value of the fixed-income investments was 3,412 billion kroner. The unlisted real estate investments had a market value of 330 billion kroner and renewable energy infrastructure 15 billion 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 1.5 percent of all listed companies.
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.
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. |
|||||
| 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|
| Market value | |||||
| Equity investments | 8,672 | 8,878 | 7,945 | 7,145 | 5,477 |
| Fixed-income investments | 3,412 | 3,135 | 2,695 | 2,670 | 2,533 |
| Unlisted real estate investments | 330 | 312 | 273 | 273 | 246 |
| Unlisted infrastructure investments1 | 15 | 14 | |||
| Market value of fund2 | 12,429 | 12,340 | 10,914 | 10,088 | 8,256 |
| Accrued, not paid, management fees3 | 0 | 1 | -5 | -4 | -5 |
| Owner's capital 2 | 12,429 | 12,340 | 10,908 | 10,084 | 8,251 |
| Inflow of capital | 1,090 | 80 | 4 | 32 | 43 |
| Withdrawal of capital | 0 | -199 | -302 | -14 | -9 |
| Paid management fees4 | -5 | -10 | -4 | -5 | -5 |
| Return on fund | -1,637 | 1,580 | 1,070 | 1,692 | -485 |
| Changes due to fluctuations in krone | 642 | -25 | 58 | 127 | 224 |
| Total change in market value | 90 | 1,426 | 826 | 1,832 | -233 |
| Changes in value since first capital inflow in 1996 | |||||
| Total inflow of capital | 4,744 | 3,654 | 3,574 | 3,570 | 3,538 |
| Total withdrawal of capital3 | -687 | -687 | -482 | -182 | -167 |
| Return on equity investments | 5,280 | 6,485 | 4,897 | 4,023 | 2,545 |
| Return on fixed-income investments | 970 | 1,401 | 1,446 | 1,249 | 1,052 |
| Return on unlisted real estate investments | 119 | 120 | 84 | 85 | 69 |
| Return on unlisted infrastructure investments1 | 2 | 1 | |||
| Management fees4 | -63 | -58 | -53 | -48 | -44 |
| Changes due to fluctuations in krone | 2,065 | 1,423 | 1,448 | 1,390 | 1,263 |
| Market value of fund | 12,429 | 12,340 | 10,914 | 10,088 | 8,256 |
| Return on fund | 6,370 | 8,007 | 6,427 | 5,358 | 3,666 |
| Return after management costs | 6,307 | 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. |
|
| 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: 07/03/2023
