The fund's value decreased by 1,215 billion kroner to 18,526 billion kroner in the first quarter of 2025. The fund returned 0.6 percent, equivalent to -415 billion kroner. This was 0.16 percentage point higher than the return on the benchmark index.
The fund’s equity investments had a value of 12,963 billion kroner, fixed-income investments 5,125 billion kroner, unlisted real estate investments 358 billion kroner and renewable energy infrastructure 80 billion kroner. Equities made up 70.0 percent of the fund, fixed income 27.7 percent, unlisted real estate 1.9 percent and renewable energy infrastructure 0.4 percent.
The fund's value decreased by 1,215 billion kroner through the first quarter. -415 billion kroner was return on the investments, 78 billion kroner was net inflows from the government and -879 billion kroner came from currency movements.
Measured in the fund's currency basket
The return on the fund’s equity investments was -1.6 percent, the return on the fixed-income investments was 1.6 percent, whereas investments in unlisted real estate returned 2.4 percent. The return on unlisted renewable energy infrastructure was 1.2 percent.
Values in billions of kroner since inception.
| 31.03.2025 | 30.06.2024 | |
|---|---|---|
| Total inflow of capital | 5,942 | 5,864 |
| Total withdrawal of capital | -687 | -687 |
| Return on fund | 10,680 | 11,095 |
| Management fees | -80 | -77 |
| Accrued, not paid, management fees | 2 | 0 |
| Changes due to fluctuations in krone | 2,668 | 3,547 |
| Fund value | 18,526 | 19,742 |
As at 31 March 2025. Measured in the fund's currency basket.
| Since 01.01.1998 | Last 10 years | |
|---|---|---|
| Return on fund | 6.25 | 6.63 |
| Annual inflation | 2.14 | 2.68 |
| Annual management costs | 0.07 | 0.05 |
| Net real return on fund | 3.96 | 3.80 |