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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 2024, the fund's market value was 17,745 billion kroner. More than half of the fund's value is return on the investments, and totaled to 10,070 billion kroner. 4,886 billion kroner was net inflows from the government and 2,789 billion kroner came from currency.

Values in billions of kroner.

Asset allocation

At the end of the first half of 2024, the fund was invested with 72.0 percent in equities, 26.1 in fixed income, 1.7 percent in unlisted real estate and 0.1 in renewable energy infrastructure.

At the end of the first half 2024 the fund’s equity investments had a market value of 12,779 billion kroner, while the market value of the fixed-income investments was 4,639 billion kroner. The unlisted real estate investments had a market value of 307 billion kroner and renewable energy infrastructure 20 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 about 9,000 companies world wide. On average the fund owns 1.5 percent of all listed companies.

The values are percentage of the market value of equities in the benchmark index as at 30 June 2024. Source: FTSE Russell, Norges Bank Investment Management

Holdings in fixed-income markets

Percentage of market value of bonds in the benchmark index as at 30 June 2024

Source: Bloomberg Barclays Indices, Norges Bank Investment Management

Key figures

Values in billions of kroner.

  FIFRST HALF 2024 2023 2022 2021 2020
Market value          
Equity investments 12,779 11,174 8,672 8,878 7,945
Fixed-income investments 4,639 4,272 3,412 3,135 2,695
Unlisted real estate investments 307 301 330 312 273
Unlisted infrastructure investments1 20 18 15 14  
Market value of fund2 17,745 15,765 12,429 12,340 10,914
Deferred tax -12 -8      
Accrued, not paid, management fees3 0 0 0 1 -5
Owner's capital2 17,733 15,757 12,429 12,340 10,908
           
Inflow of capital 192 711 1,090 80 4
Withdrawal of capital 0 0 0 -199 -302
Paid management fees4 -4 -7 -5 -10 -4
Return on fund5 1,478 2,222 -1,637 1,580 1,070
Changes due to fluctuations in krone 315 409 642 -25 58
Total change in market value 1,980 3,336 90 1,426 826
           
Changes in value since first capital inflow in 1996          
Total inflow of capital 5,647 5,455 4,744 3,654 3,574
Total withdrawal of capital3 -687 -687 -687 -687 -482
Return on equity investments 8,846 7,326 5,280 6,485 4,897
Return on fixed-income investments 1,157 1,192 970 1,401 1,446
Return on unlisted real estate investments 67 71 119 120 84
Return on unlisted infrastructure investments1 -1 2 2 1  
Management fees4 -74 -70 -63 -58 -53
Changes due to fluctuations in krone 2,789 2,474 2,065 1,423 1,448
Market value of fund 17,745 15,765 12,429 12,340 10,914
           
Return on fund 10,070 8,592 6,370 8,007 6,427
Return after management costs 9,995 8,522 6,307 7,949 6,374
1 First unlisted infrastructure investment was made in the second quarter of 2021.
2 From 2023, market value is presented before management fee receivable and deferred tax. Up to and including 2022, market value was presented before management fee receivable.
Total inflow and withdrawal of capital shown in this table is adjusted for accrued, not paid, management fees.
4 Management fees are described in note 11 in the financial statements.
5 Fund return reflects the return on the market value of the investment portfolio, that does not include deferred tax. The portfolio result of 1,475 million kroner in the financial statements includes the impact of changes in deferred tax.

Last saved: 14/08/2024

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