Government Pension Fund Norway (discontinued), 1st half-year 2008

The greatest reduction was in the value of the portfolio of shares and other equity, which decreased by NOK 2.8 billion, or 3.9 per cent. Also the value of the holdings of bonds decreased, by just over NOK 0.5 billion, or 1.3 per cent. The value of deposits and the value of commercial papers increased by NOK 2.4 billion and almost NOK 340 million respectively, while the value of other financial deposits decreased by slightly more than NOK 1.4 billion compared with the value at the end of 2007.

Portfolio composition

Holdings in entities belonging to the other Nordic countries amounted to NOK 19.6 billion, or 17 per cent of the total assets of the fund. The portfolio of shares and other equity had a market value of NOK 67.3 billion at the end of the first half of 2008. The portfolio was invested in central government and private non-financial enterprises, life insurance companies, commercial banks and in the foreign market.

The portfolio of bonds had a market value of NOK 41.2 billion at the end of the first half of 2008. The portfolio was invested in Central government, commercial banks, savings banks, mortgage companies, life insurance companies, other financial enterprises, central government, municipal and private non-financial enterprises and in the foreign market.

At the end of the first half of 2008 the holdings of deposits, commercial papers and other financial assets had a value of NOK 7 billion.

Tables:

• Table 1 Government Pension Fund - Norway. Balance sheet. 31 December 2002-30 June 2008. NOK million
• Table 2 Government Pension Fund - Norway. Bonds and shares and other equity by debtor sector. NOK million