The fund's value
The fund's value is affected by investment returns, capital inflows and exchange rates. It consists of global investments in companies, fixed income, unlisted real estate and renewable energy infrastructure.
Current market value
billion kroner
Value development
At end of the first half 2025, the fund's value was 19,586 billion kroner. More than half of the fund's value is return on the investments, and totaled to 11,793 billion kroner. 5,256 billion kroner was net inflows from the government and 2,536 billion kroner came from currency.
11,793
billion kroner in return
Billion kroner
As at 30 June 2025
How the fund is invested
The fund's investments are spread across asset classes and currencies worldwide. At the end of the first half 2025, the fund's asset allocation was as follows:
Equities
Equities give us ownership interests in about 8,500 companies.
70.6%
of the fund's total investments
13,841
billion kroner
Fixed income
Bonds are a type of loan to governments and companies.
27.1%
of the fund's total investments
5,311
billion kroner
Real estate
Unlisted office and retail properties in major cities, and in logistics properties.
1.9%
of the fund's total investments
365
billion kroner
Infrastructure
Renewable energy infrastructure, mainly in wind and solar projects.
0.4%
of the fund's total investments
84
billion kroner
Value development by asset class
The fund has been invested in equities and fixed-income instruments since 1998. The first investment in unlisted real estate was made in 2011, and the first investment in unlisted renewable energy infrastructure was made in 2021. Hover over the bars in the chart to view the annual value development in billion kroner or dollar.
Billion kroner
As at 30 June 2025
As at 30 June 2025
The fund's holdings in equity markets
The equity investments consists of ownership shares in about 8,500 companies world wide. On average the fund owns 1.5 percent of all listed companies.
Our investments are limited to companies listed on regulated exchanges. The fund is not permitted to hold more than 10 percent of the shares in a listed company, with the exception of real estate companies.
Percent
Percentage of the market value of equities in the benchmark index as at 30 June 2025. Source: FTSE Russell, Norges Bank Investment Management.
We vote at the companies' shareholder meetings
When we buy shares, we gain the right to vote at the company’s shareholder meetings. This means that we have a say in director elections and important decisions that affect our investments and the future value of the fund.
The fund's holdings in fixed-income markets
The fund's fixed-income investments are allocated 70 percent to bonds issued by governments and related institutions and 30 percent to securities issued by the corporate sector.
Percent
Percentage of market value of bonds in the benchmark index as at 30 June 2025. Source: Bloomberg Barclays Indices, Norges Bank Investment Management
Key figures
Values in billions of kroner.
| First half 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Market value | |||||
| Equity investments | 13,841 | 14,113 | 11,174 | 8,677 | 8,884 |
| Fixed-income investments | 5,311 | 5,253 | 4,272 | 3,412 | 3,135 |
| Unlisted real estate investments | 365 | 364 | 301 | 330 | 312 |
| Unlisted infrastructure investments1 | 84 | 25 | 18 | 15 | 14 |
| Market value of investment portfolio2 | 19,602 | 19,755 | 15,765 | 12,434 | 12,345 |
| Deferred tax | -12 | -13 | -8 | -4 | -5 |
| Accrued, not paid, management fees3 | -4 | 0 | 0 | 0 | 1 |
| Fund value2 | 19,586 | 19,742 | 15,757 | 12,429 | 12,340 |
| Inflow of capital | 160 | 409 | 711 | 1,090 | 80 |
| Withdrawal of capital | - | 0 | 0 | 0 | -199 |
| Paid management fees4 | 0 | -7 | -7 | -5 | -10 |
| Return on fund5 | 698 | 2,511 | 2,214 | -1,637 | 1,580 |
| Changes due to fluctuations in krone6 | -1,010 | 1,072 | 409 | 642 | -25 |
| Changes due to accrued, not paid, management fees | -4 | 0 | 0 | 0 | 6 |
| Total change in fund value | -156 | 3,985 | 3,327 | 89 | 1,432 |
| Changes in value since first capital inflow in 1996 | |||||
| Total inflow of capital | 6,024 | 5,864 | 5,455 | 4,744 | 3,654 |
| Total withdrawal of capital3 | -687 | -687 | -687 | -687 | -687 |
| Return on equity investments5 | 10,332 | 9,786 | 7,326 | 5,284 | 6,490 |
| Return on fixed-income investments5 | 1,394 | 1,252 | 1,192 | 970 | 1,401 |
| Return on unlisted real estate investments5 | 76 | 67 | 71 | 119 | 120 |
| Return on unlisted infrastructure investments1, 5 | 4 | 2 | 2 | 2 | 1 |
| Management fees4 | -81 | -77 | -70 | -63 | -58 |
| Accumulated fluctuations in krone | 2,536 | 3,547 | 2,475 | 2,065 | 1,423 |
| Accumulated deferred tax7 | -12 | -12 | -8 | -4 | -5 |
| Fund value | 19,586 | 19,742 | 15,757 | 12,429 | 12,340 |
| Return on fund | 11,793 | 11,095 | 8,584 | 6,370 | 8,007 |
| Return after management costs | 11,712 | 11,017 | 8,514 | 6,307 | 7,949 |
| 1 First unlisted infrastructure investment was made in second quarter of 2021. 2 The market value of the investment portfolio is presented before management fee payable/receivable and deferred tax. 3 Total inflow and withdrawal of capital shown in this table is not adjusted for accrued, not paid, management fees. 4 Management fees are described in note 11 in the financial statements. 5 Fund return of 698 billion kroner includes the accounting effect of changes in recognised deferred tax. The return on the investment portfolios excludes deferred tax and amounted to 699 billion kroner. 6 See note 10 Foreign exchange gains and losses in the financial statements. 7 Does not include the effect of exchange rate fluctuations on deferred tax. |
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See every single investment
Search in all of the fund’s investments by country, asset class and sector. This information is updated twice a year and is available since our first investment in 1998.
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