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 2021 the fund's market value was 12,340 billion kroner. More than half of the fund's value is return on the investments, and totaled to 8,007 billion kroner. 2,909 billion kroner was net inflows from the government and 1,423 billion kroner came from currency.

Values in billions of kroner.

Asset allocation

At the end of 2021, the fund was invested with 72.0 percent in equities, 25.4 in fixed income, 2.5 percent in unlisted real estate and 0.1 in renewable energy infrastructure.

At the end of 2021 the fund’s equity investments had a market value of 8,878 billion kroner, while the market value of the fixed-income investments was 3,135 billion kroner. The unlisted real estate investments had a market value of 312 billion kroner and renewable energy infrastructure 14 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. 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.
The amount deducted in connection with management fee for 2021 was based on a forecast and was higher than the final management fee for the year. The difference will be settled in March 2022.
4 5.3 billion was used to pay management fee for 2020 and NOK 5.2 billion was used to pay management fee for 2021.
5 Total withdrawal of capital shown in this table is adjusted for accrued, not paid, management fees.
6 Management fees are describe in note 12 in the financial statements.
  2021 2020 2019 2018 2017
Market value          
Equity investments 8,878 7,945 7,145 5,477 5,653
Fixed-income investments 3,135 2,695 2,670 2,533 2,616
Unlisted real estate investments 312 273 273 246 219
Unlisted infrastructure investments 1 14        
Market value of fund 2 12,340 10,914 10,088 8,256 8,488
Accrued, not paid, management fees 3 1 -5 -4 -5 -5
Owner's capital 2 12,340 10,908 10,084 8,251 8,484
           
Inflow of capital 80 4 32 43 0
Withdrawal of capital -199 -302 -14 -9 -61
Paid management fees 4 -10 -4 -5 -5 -4
Return on fund 1,580 1,070 1,692 -485 1,028
Changes due to fluctuations in krone -25 58 127 224 15
Total change in market value 1,426 826 1,832 -233 978
           
Changes in value since first capital inflow in 1996          
Total inflow of capital 3,654 3,574 3,570 3,538 3,495
Total withdrawal of capital 5 -687 -482 -182 -167 -157
Return on equity investments 6,485 4,897 4,023 2,545 3,062
Return on fixed-income investments 1,401 1,446 1,249 1,052 1,037
Return on unlisted real estate investments 120 84 85 69 53
Return on unlisted infrastructure investments 1 1        
Management fees 6 -58 -53 -48 -44 -39
Changes due to fluctuations in krone 1,423 1,448 1,390 1,263 1,040
Market value of fund 12,340 10,914 10,088 8,256 8,488
           
Return on fund 8,007 6,427 5,358 3,666 4,151
Return after management costs 7,949 6,374 5,309 3,622 4,111

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: 03/03/2022

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