Mutual funds, 2002

2002 became an even worse year for the unit trusts than in 2001. The loss after tax was NOK 22.3 billion, while the loss after tax was NOK 13.5 billion in 2001. The decline in 2002 was caused by large portfolio losses. They increased by 44 per cent compared with 2001, to NOK 27 billion.

The reduction of total assets was caused by the weak development in the stock market in 2002. The value of investments in equities, units and capital certificates fell by 38 per cent compared with 2001. Investments in certificates and bonds went up by 16 and 3 per cent respectivaly. Equities, units and primary capital still have the largest share of the total assets by 42 per cent in 2002. The share was 56 per cent in 2001.

Of the NOK 46 billion invested in equities, units and primary capital certificates was 58 per cent issued by the foreign sector. Investments in equities, units and primary capital went down in all sectors in 2002.

The largest investor in unit trusts in 2002 was the housholds, with NOK 57 billion. The housholds held 53 per cent of total assets in 2001.

Tables:

• Table 1 Unit trusts. Balance sheet by financial instruments. 31 December. Million kroner
• Table 2 Unit trusts. Profit and loss accounts. 31. December. Million kroner
• Table 3 Unit trusts. Participation capital by creditor sector. Market value. 1996-2002. NOK million