Government Pension Fund Norway (discontinued), 1st half-year 2009

The portfolio of shares and other equity had a market value of NOK 63.6 billion at the end of the first half of 2009, up from NOK 45.6 billion at the end of 2008. This represented an increase of NOK 18 billion, or 40 per cent. The portfolio of bonds had a market value of almost NOK 35 billion, compared to NOK 38.8 billion at the end of 2008. This was a decrease of NOK 3.8 billion, or 10 per cent. As of the first half of 2009, the fund had no holdings in commercial papers, down from NOK 1.9 billion at the end of 2008. The holdings of bank deposits and other financial assets totalled NOK 3.2 billion.

Composition of portfolio

The value of the portfolio of shares and other equity increased its share of the value of the total assets of the fund in the first half of 2009, and stood at 63 per cent. The main elements in this portfolio were holdings in private non-financial enterprises, central government enterprises and the other Nordic countries. In the portfolio of bonds, the largest holdings were in savings banks, followed by holdings in the other Nordic countries and holdings in central government.

The total value of holdings in bonds and shares and other equity in the other Nordic countries amounted to NOK 18.6 billion at the end of the first half of 2009. These constituted a little more than 18 per cent of the total assets of the fund, which was the same share as at the end of 2008.

Tables:

• Table 1 Government Pension Fund - Norway. Balance sheet. 30 June 2004-30 June 2009. NOK million
• Table 2 Government Pension Fund - Norway. Bonds and shares and other equity by debtor sector. NOK million