Government Pension Fund Norway (discontinued), 2nd half-year 2009

The portfolio of shares and other equity had a market value of NOK 73.3 billion at the end of the second half of 2009, up from NOK 63.6 billion at the end of first half of 2009. This represented an increase of 15.2 per cent. The portfolio of bonds had a market value of almost NOK 41.8 billion, compared to NOK 35 billion at the end of the first half of 2009. This was an increase of 19.6 per cent. The holdings of bank deposits and other financial assets summed up to NOK 3.3 billion.

The composition of the portfolio

The value of the portfolio of shares and other equity reduced its share of the value of the total assets of the fund in the second half of 2009, and stood at 62 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 21.1 billion at the end of the second half of 2009. These constituted a little more than 18 per cent of the total assets of the fund. The share of investments in other Nordic countries has remained unchanged the last year.

Tables:

• Table 1 Government Pension Fund - Norway. Balance sheet. 31 December 2004-31 December 2009. NOK million
• Table 2 Government Pension Fund - Norway. Bonds and shares and other equity by debtor sector. NOK million