Key figures 1Q 2023

The fund's market value increased by 1,865 billion kroner to 14,294 billion kroner during the first quarter of 2023. The fund returned 5.9 percent, equivalent to 893 billion kroner. This was 0.06 percentage point below the return on the benchmark index.

“The equity investments had the most positive contribution to the return in the quarter. The rise of the equity market was to a great extent driven by the technology and consumer discretionary sector”, says Deputy CEO at Norges Bank Investment Management Trond Grande.

At the end of the first quarter of 2023, the fund's market value was 14,294 billion kroner

The fund’s equity investments had a market value of 10,023 billion kroner, while the market value of the fixed-income investments was 3,909 billion kroner. The unlisted real estate investments had a market value of 348 billion kroner and renewable energy infrastructure 14 billion kroner. 70.1 percent of the fund was invested in equities, 27.3 percent in fixed income, 2.4 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure. The values in the chart below are in billions of kroner and shows the last five quarters.

The fund's market value increased by 1,865 billion kroner through the first quarter. 893 billion kroner was return on the investments, 217 billion kroner was net inflows from the government and 755 billion kroner came from currency movements. The values in the chart below are in billions of kroner.

5,9 percent return in the first quarter

The values in the chart below are in percent.

The return on the fund’s equity investments was 7.4 percent, the return on the fixed-income investments was 2.7 percent, whereas investments in unlisted real estate returned -1.0 percent. The return on unlisted renewable energy infrastructure was -3.8 percent. The values in the chart below are in percent.

Historical key figures

Values in billions of kroner.

  31.03.2023 31.12.2022
1 Total withdrawal of capital shown in this table is adjusted for accrued, not paid, management fees.    
Total inflow of capital 4,961 4,744
Total withdrawal of capital1 -687 -687
Total return 7,263 6,370
Management fees -65 -63
Accrued, not paid, management fees 2 0
Changes due to fluctuations in krone 2,820 2,065
Market value of fund 14,294 12,429

Annualised return in percent

As at 31 March 2023. Measured in the fund's currency basket.

  Since 01.01.1998 Last 10 years
Return on fund 5.89 6.74
Annual inflation 2.09 2.32
Annual management costs 0.08 0.05
Net real return on fund 3.65 4.27

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