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 2021 the fund's market value was 11,673 billion kroner. More than half of the fund's value is return on the investments, and totaled to 7,417 billion kroner. 2,942 billion kroner was inflows from the government and 1,369 billion kroner came from currency.

Values in billions of kroner. The 2021 values are as at 30 June.

Asset allocation

In the first half of 2021, the fund was invested with 72.4 percent in equities, 25.1 percent in fixed income, 2.4 percent in unlisted real estate and 0.1 percent in unlisted renewable energy infrastructure.

At the end of first half 2021 the fund’s equity investments had a market value of 8,452 billion kroner, while the value of the fixed-income investments was 2,925 billion kroner. The unlisted real estate investments had a market value of 281 billion kroner and the unlisted renewable energy infrastructure investments 14 billion kroner.

Currency
The values are in billions of kroner. 2021 values are as at 30 June.
The values are in billions of kroner. 2021 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 1.4 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

 

1 Includes listed real estate investments from 01.11.2014 to the end of 2016.

2 First unlisted infrastructure investment were made in second quarter of 2021.

3 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.
4 Paid management fees are specified separately, and not included in Inflow/withdrawal of capital.
5 Total inflow of capital shown in this table is adjusted for accrued, not paid, management fees.
6 Management costs in subsidiaries, see Table 10.2 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.

  First half 2021 2Q 2021 1Q 2021 4Q 2020 3Q 2020 Year-to-date
Market value            
Equity investments                      8,452                        8,452                    8,061                     7,945                    7,498                8,452
Fixed-income investments                      2,925                        2,925                    2,702                     2,695                    2,820                2,925
Unlisted real estate investments1                          281                           281                        270                        273                        292                   281
Unlisted infrastructure investments2                            14                             14                            14
Market value of fund3                    11,673                      11,673                  11,034                   10,914                  10,610              11,673
Accrued, not paid, management fees4                             -3                              -3                           -2                           -5                           -4                      -3
Owner's capital3                    11,670 11,670 11,032 10,908 10,606              11,670
             
Inflow/withdrawal of capital5                        -147 -69 -78 -25 -105                  -147
Paid management fees5                             -5 0 -5 0 0                      -5
Return on fund                          990 608 382 846 412                   990
Changes due to fluctuations in krone                          -79 100 -178 -517 -97                    -79
Total change in market value                          759 639 120 303 210                   759
             
Changes in value since first capital inflow in 1996            
Total inflow of capital5                      2,942 2,942 3,010 3,092 3,116                2,942
Return on equity investments                      5,929 5,929 5,364 4,897 4,070                5,929
Return on fixed-income investments                      1,393 1,393 1,358 1,446 1,428                1,393
Return on unlisted real estate investments1                            96 96 87 84 83                      96
Return on unlisted infrastructure investments2                              0 0                              0
Management fees6                          -56 -56 -55 -53 -53                    -56
Changes due to fluctuations in krone                      1,369 1,369 1,269 1,448 1,965                1,369
Market value of fund                    11,673 11,673 11,034 10,914 10,610              11,673
             
Return on fund                      7,417 7,417 6,809 6,427 5,581                7,417
Return after management costs                      7,361 7,361 6,754 6,374 5,529                7,361

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: 18/08/2021

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