Mutual funds, 1999

The increase in the total assets of the unit trusts is attributed to a major increase in holdings of shares, units and primary capital certificates. From the end of 1998 to the end of 1999 holdings nearly doubled from NOK 49 099 million to NOK 81 109 million. Holdings of certificates and bearer bonds have remained relatively stable. Of the NOK 81 109 million worth of holdings in shares, units and primary capital certificates, NOK 40 178 million was issued by non-financial corporations, NOK 6 210 million by financial corporations and NOK 34 707 million by the foreign sector. This corresponds to an increase of 57.9%, 42.7% and 79.7% respectively from 1998 to 1999.

Households are the biggest investors in unit trusts. Measured by market value, they owned NOK 75 640 million worth of units at the end of 1999. This corresponds to an ownership stake of 62.5 per cent of the total participation capital of the unit trusts. This is an increase of 50.7 per cent since the end of 1998, when the total participation capital amounted to NOK 50 174 million. Other investors in unit trusts are non-financial corporations, financial corporations, general government and the foreign sector, with 21.4%, 11.4%, 3% and 1.7% respectively.

Unit trusts showed a profit of NOK 28 418 million in 1999 against a loss of NOK 13 484 million in 1998. The improvement is mainly attributed to an increase in unrealised net capital gains on securities, from NOK 792 million in 1998 to NOK 22 345 million in 1999. At the same time there has been a reduction in both in unrealised and realised capital losses. Realised capital losses have declined from NOK 4 803 million to NOK 777 million, while unrealised capital losses have fallen from NOK 16 057 million to NOK 150 million.

Tables:

• Table 1 Participation capital by creditor sector . Market value. 1994-1999. Mill. kr
• Table 2 Unit trusts. Profit and loss account. 31 December 1996-1999. Million kroner
• Table 3 Balance sheet, by financial instruments. 31 December 1993-1999. Million kroner