Government Pension Fund Norway (discontinued), 2nd half-year 2008

Almost the entire reduction occurred in the second half of 2008, when the value of the Fund’s assets decreased by NOK 25.9 billion. The greatest reduction was in the value of the portfolio of shares and other equity, which decreased by NOK 24.5 billion, or 34.9 per cent. The value of the holdings of bonds decreased by NOK 3 billion, or 7.1 per cent. The value of commercial papers and other financial deposits also decreased, by NOK 1 billion and NOK 118 million respectively. The value of the holdings of deposits increased by NOK 588 million.

The portfolio of shares and other equity had a market value of NOK 45.6 billion at the end of 2008. The portfolio mainly consisted of holdings in private non-financial enterprises, central government enterprises and the foreign market. The portfolio of bonds had a market value of NOK 38.8 billion at the end of 2008. The largest holding was in savings banks, followed by holdings in the foreign market and holdings in central government. At the end of 2008, the holdings of deposits, commercial papers and other financial assets had a combined value of NOK 5.3 billion.

The value of holdings in entities belonging to the other Nordic countries amounted to NOK 16.4 billion at the end of 2008. These were placed in bonds and shares and other equity, and constituted 18.3 per cent of the total assets of the fund.

Tables:

• Table 1 Government Pension Fund - Norway. Balance sheet. 31 December 2003-31 December 2008. NOK million
• Table 2 Government Pension Fund - Norway. Bonds and shares and other equity by debtor sector. NOK million