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.
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.
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.
Holdings in fixed-income markets
Percentage of market value of bonds in the benchmark index as at 30 June 2024
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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Projection for the fund's market value
In billions of kroner. Source: National budget 2024, Ministry of Finance
|
The estimate is based on the fund value at the end of 2Q 2023, projected with expected real return Source: The National budget 2024 |
|
| 1 January 2001 | 386.6 |
| 1 January 2002 | 619.3 |
| 1 January 2003 | 604.6 |
| 1 January 2004 | 847.1 |
| 1 January 2005 | 1,011.5 |
| 1 January 2006 | 1,390.1 |
| 1 January 2007 | 1,782.8 |
| 1 January 2008 | 2,018.5 |
| 1 January 2009 | 2,279.6 |
| 1 January 2010 | 2,642.0 |
| 1 January 2011 | 3,080.9 |
| 1 January 2012 | 3,307.9 |
| 1 January 2013 | 3,824.5 |
| 1 January 2014 | 5,032.4 |
| 1 January 2015 | 6,430.6 |
| 1 January 2016 | 7,460.8 |
| 1 January 2017 | 7,509.9 |
| 1 January 2018 | 8,484.1 |
| 1 January 2019 | 8,243.4 |
| 1 January 2020 | 10,086.2 |
| 1 January 2021 | 10,907.1 |
| 1 January 2022 | 12,355.2 |
| 1 January 2023 | 12,413.5 |
| 1 January 2024 | 15,300.0 |
Last saved: 14/08/2024