Equity investments returned 12.2 percent. Unlisted real estate returned 1.7 percent, and fixed-income investments 2.9 percent. The overall return on the fund was 0.2 percentage point higher than the return on the benchmark index.
Global stock markets had a strong recovery in the first quarter of the year after a weak development during the last part of 2018. The fund’s investments in technology companies saw the highest returns with 17.6 percent.
“This is the fund’s best quarterly return measured in kroner ever. As a major equity investor we must be prepared for large fluctuations in the fund’s market value in line with developments in global stock markets,” says Yngve Slyngstad, CEO of Norges Bank Investment Management.
The krone appreciated against several of the main currencies during the quarter. This contributed to decreasing the value of the fund by 60 billion kroner. In the first quarter, the inflow to the fund was 8 billion kroner.
The fund had a market value of 8,938 billion kroner as at 31 March 2019 and was invested 69.2 percent in equities, 2.8 percent in unlisted real estate and 28.0 percent in fixed income.
Thomas Sevang, Head of Communications and External Relations
Tel: +47 926 01 756 / +47 24 07 32 76
Marthe Skaar, Manager Communications and External Relations
Tel: +47 926 17 663 / +47 24 07 35 61