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 of 2024, the fund's 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.
10,070
billion kroner in return
Billion kroner
How the fund is invested
The fund's investments are spread across asset classes and currencies worldwide. By the end of the first half of 2024, the fund's asset allocation was as follows:
Equities
Equities give us ownership interests in about 9,000 companies.
72.0%
of the fund's total investments
12,779
billion kroner
Fixed income
Bonds are a type of loan to governments and companies.
26.1%
of the fund's total investments
4,639
billion kroner
Real estate
Unlisted office and retail properties in major cities, and in logistics properties.
1.7%
of the fund's total investments
307
billion kroner
Infrastructure
Renewable energy infrastructure, mainly in wind and solar projects.
0.1%
of the fund's total investments
20
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
The fund's 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.
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 2024. 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 equity 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 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. 3 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. |
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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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