Annual report 2022

The fund returned -14.1 percent, or -1,637 billion kroner, in a year of rising interest rates, high inflation and war in Europe. However, the market value of the fund increased by 90 million kroner in 2022. This was because the krone fell against the currencies in which the fund is invested, and because new capital was added to the fund. The fund’s return was 0.87 percentage point higher than the return on the benchmark index, equivalent to 117 billion kroner.

Published: 7 March 2023
Download the report (pdf)

The key figures were presented at a press conference on 31 January

CEO Nicolai Tangen and Deputy CEO Trond Grande presented the fund's key figures of 2022. Some of our expert provided a deeper insight into specific areas and sectors of relevance in the year that has passed. The press conference was in English.

Return in 2022

-14.1
percent
-1,637
billion kroner

The fund returned -14.1 percent, or -1,637 billion kroner, in 2022. The fund's total return was 0.87 percentage point, or 117 billion kroner, higher than the return on the benchmark index.

-15.4%
return on equity

The equity investments returned -15.4 percent.

-12.1%
return on fixed income

The fixed-income investments returned -12.1 percent.

0.1%
return on real estate

The unlisted real estate investments returned 0.1 percent.

5.1%
return on infrastructure

The unlisted renewable energy infrastructure investment returned 5.1 percent.

Market value

12,429 billion kroner

The funds market value was 12,429 billion kroner at the end of 2022, up from 12,340 billion kroner a year earlier.

8,672
billion kroner

The equity investments had a market value of 8,672 billion kroner. This was to 69.8 percent of the fund's total value.

3,412
billion kroner

The fixed-income investments had a market value of 3,412 billion kroner. This was to 27.5 percent of the fund's total value.

330
billion kroner

The unlisted real estate investments had a market value of 330 billion kroner. This was to 2.7 percent of the fund's total value.

15
billion kroner

The unlisted renewable energy infrastructure investment had a market value of 15 billion kroner. This was to 0.1 percent of the fund's total value.

Responsible investment in 2022

The fund's work on responsible investment is presented in a separate report.

Additional information