Mutual funds, 2003

2003 was a good year for the unit trusts. The result after tax came to NOK 25.8 billion, while in 2002 the result after tax was minus NOK 22.3 billion. The increase in 2003 was due to a large increase in portfolio income. They rose by 440 per cent compared with 2002, to NOK 31.4 billion.

The increase of total assets was due to the strong development in the security market in 2003. The value of investments in equities, units and capital certificates increased by 57 per cent compared with 2002. Investments in certificates and bonds went up by 23 and 17 per cent respectively. Equities, units and primary capital still have the largest share of the total assets by 48 per cent in 2003. The share was 42 per cent in 2002.

Of the NOK 72.6 billion invested in equities, units and primary capital certificates was 60 per cent issued by the foreign sector. Investments in equities, units and primary capital increased in all sectors in 2003.

The largest investor in unit trusts in 2003 was the housholds, with NOK 74 billion. The housholds held 50 per cent of total assets in 2003.

Tables:

• Table 1 Unit trusts. Balance sheet by financial instruments. 31. December 1995-2003. NOK million
• Table 2 Unit trusts. Profit and loss account. 31. December 1996-2003. NOK million
• Table 3 Unit trusts. Participation capital by creditor sector. Market value. 1996-2003. NOK million