Mutual funds

Updated: 15 September 2023

Next update: 22 November 2023

Net income
Net income
2022
-127 542
NOK million
Main figures - Mutual funds. NOK Million
Main figures - Mutual funds. NOK Million
2019202020212022
TOTAL ASSETS1 370 1701 504 8061 780 3791 606 246
Of this:
Equities627 111693 783909 573840 773
Long-term debt securities471 486516 527538 599502 704
NET INCOME189 347106 318208 838-127 542
Number of mutual funds398402404398
Explanation of symbols

Selected tables and charts from this statistics

  • Holdings of mutual fund shares by holding sectors. Quarterly figures in NOK million.
    Holdings of mutual fund shares by holding sectors. Quarterly figures in NOK million.
    3rd quarter 20224th quarter 20221st quarter 20232nd quarter 2023
    Total1 535 2821 595 9771 712 6831 787 512
    Non-financial corporations107 308110 618119 315122 314
    Public unincorporated enterprises, owned by central government0000
    Public incorporated enterprises, owned by central government5 7535 8575 6835 518
    Public unincorporated enterprises, owned by local government12121314
    Public incorporated enterprises, owned by local government2 3422 5653 0132 838
    Private non-financial incorporated enterprises93 97097 044105 183108 477
    Private non-financial unincorporated enterprises151153160163
    Private non-profit institutions serving enterprises5 0804 9875 2635 304
    Financial corporations912 525944 5691 007 6281 044 687
    Norges Bank0000
    Banks36 82437 68741 04640 375
    Mortgage companies187200201202
    Finance companies81828484
    State lending institutions etc.2 2322 2202526
    Financial holding companies5 1334 7845 6413 903
    Mutual funds145 518148 851166 236175 977
    Alternative investment funds (AIF) excluding mutal funds1 7471 627920975
    Other financial enterprises, except insurance companies and pension funds92 87095 939104 086105 042
    Life insurance companies and pension funds610 363636 027670 995697 825
    Non-life insurance companies17 57017 15218 39420 278
    General government18 88121 26323 22523 862
    Central government2 3972 9172 7153 092
    Local government16 48418 34620 51020 770
    Non-profit institutions serving households45 06445 11046 96149 889
    Households305 456319 644350 689376 068
    Unincorporated enterprises within households33333648
    Private non-financial unincorporated enterprises inclusive housing cooperatives etc.2333
    Employees, recipients of property income, pensions and social contributions, students etc.305 421319 608350 650376 017
    Rest of the world145 924154 625164 672170 537
    Unspecified sector124148193155
    Explanation of symbols
  • Net purchases of mutual fund shares by purchasing sectors. Quarterly figures in NOK million.
    Net purchases of mutual fund shares by purchasing sectors. Quarterly figures in NOK million.
    Net purchases/sales
    3rd quarter 20224th quarter 20221st quarter 20232nd quarter 2023
    Total-65217 54110 2358 210
    Non-financial corporations3 2341 4893 988-1 328
    Public unincorporated enterprises, owned by central government0000
    Public incorporated enterprises, owned by central government39169-125-217
    Public unincorporated enterprises, owned by local government0000
    Public incorporated enterprises, owned by local government52226443-205
    Private non-financial incorporated enterprises2 5391 2803 603-853
    Private non-financial unincorporated enterprises-17-21-2
    Private non-profit institutions serving enterprises269-8466-51
    Financial corporations-2 5808 5003 549268
    Norges Bank0000
    Banks-1 3564691 694-761
    Mortgage companies-151010
    Finance companies0010
    State lending institutions etc.-76-3900
    Financial holding companies-680-54328-1 777
    Mutual funds-2 4801 1163 8091 219
    Alternative investment funds (AIF) excluding mutal funds-2-15217117
    Other financial enterprises, except insurance companies and pension funds1 797-2741 004-730
    Life insurance companies and pension funds-2728 243-3 634999
    Non-life insurance companies504-3304751 301
    General government-9251 9591 520203
    Central government0508-258350
    Local government-9251 4511 778-147
    Non-profit institutions serving households537-1 090-1061 344
    Households-1 1263 3733 8788 354
    Unincorporated enterprises within households-21112
    Private non-financial unincorporated enterprises inclusive housing cooperatives etc.0100
    Employees, recipients of property income, pensions and social contributions, students etc.-1 1243 3713 8778 342
    Rest of the world2093 302-2 619-626
    Unspecified sector-1825-5
    Explanation of symbols
  • Mutual funds' assets. Market value. Quarterly figures in NOK million.
    Mutual funds' assets. Market value. Quarterly figures in NOK million.
    Holdings
    3rd quarter 20224th quarter 20221st quarter 20232nd quarter 2023
    Shares799 699839 543934 916995 755
    Mutual fund shares182 466191 276210 952221 746
    Equity certificates9 03610 0699 54910 569
    Long-term debt securities485 771491 985499 479497 723
    Short-term bonds securities18 06021 05717 44318 722
    Other assets8 7218 7218 7218 721
    Deposits42 87744 67442 97045 623
    Sum all assets1 546 6291 607 3241 724 0301 798 859
    Explanation of symbols
  • Outstanding amounts of mutual fund shares by holding sectors and type of funds. Last quarter in NOK million.
    Outstanding amounts of mutual fund shares by holding sectors and type of funds. Last quarter in NOK million.
    2nd quarter 2023
    All types of fundsEquity fundsBond fundsLiquidity fundsOther bond fundsHybrid fundsOther funds
    Sum all holding sectors1 787 5121 129 524315 930141 847117 81577 8604 536
    Non-financial corporations122 31446 06417 27131 08819 3217 4981 072
    Public unincorporated enterprises, owned by central government0000000
    Public incorporated enterprises, owned by central government5 518321 2373 88836010
    Public unincorporated enterprises, owned by local government141400000
    Public incorporated enterprises, owned by local government2 838921982 141367400
    Private non-financial incorporated enterprises108 47744 32813 11524 28418 2967 3881 066
    Private non-financial unincorporated enterprises1635510172196
    Private non-profit institutions serving enterprises5 3041 5432 711774226500
    Financial corporations1 044 687660 072248 78764 49758 2589 8913 182
    Norges Bank0000000
    Banks40 37515 65811 4508 6814 2343520
    Mortgage companies20202020000
    Finance companies8492649000
    State lending institutions etc.2611411000
    Financial holding companies3 90303 7451322600
    Mutual funds175 977121 01034 4946 19114 28200
    Alternative investment funds (AIF) excluding mutal funds975504143460210
    Other financial enterprises, except insurance companies and pension funds105 04252 33620 57318 66010 3412 511621
    Life insurance companies and pension funds697 825461 957170 13028 84027 5377 0102 351
    Non-life insurance companies20 2789 0868 1631 5191 492180
    General government23 8625 8735 85510 4121 6674510
    Central government3 09246452 33410090
    Local government20 7705 8695 2108 0781 5673610
    Non-profit institutions serving households49 88925 08411 2277 1625 1971 033186
    Households376 068271 61420 56611 64114 50757 65783
    Unincorporated enterprises within households48120413190
    Private non-financial unincorporated enterprises inclusive housing cooperatives etc.3012000
    Employees, recipients of property income, pensions and social contributions, students etc.376 017271 60220 56511 63514 49457 63883
    Rest of the world170 537120 77912 22417 02318 8071 7013
    Unspecified sector1553802458350
    Explanation of symbols
  • Net purchases of mutual fund shares by holding sectors and type of funds. Last quarter in NOK million.
    Net purchases of mutual fund shares by holding sectors and type of funds. Last quarter in NOK million.
    2nd quarter 2023
    All types of fundsEquity fundsBond fundsLiquidity fundsOther bond fundsHybrid fundsOther funds
    Sum all holding sectors8 2106 127783-1 2323 254-73513
    Non-financial corporations-1 328509-940-96394-4820
    Public unincorporated enterprises, owned by central government0000000
    Public incorporated enterprises, owned by central government-2178-750-15000
    Public unincorporated enterprises, owned by local government0000000
    Public incorporated enterprises, owned by local government-205-24-21-150-1110
    Private non-financial incorporated enterprises-853529-862-738245-4720
    Private non-financial unincorporated enterprises-2-1002-30
    Private non-profit institutions serving enterprises-51-318-75810
    Financial corporations26829424-6921 183-6805
    Norges Bank0000000
    Banks-761615-1 225-2277520
    Mortgage companies0000000
    Finance companies0000000
    State lending institutions etc.0000000
    Financial holding companies-1 7770-1 7770000
    Mutual funds1 219-4971 0066764300
    Alternative investment funds (AIF) excluding mutal funds170017000
    Other financial enterprises, except insurance companies and pension funds-73076446-1 615104-345
    Life insurance companies and pension funds999-1 5272 082770323-6490
    Non-life insurance companies1 3016742922963810
    General government203-73-793322300
    Central government35000350000
    Local government-147-73-79-182300
    Non-profit institutions serving households1 344814329-70210610
    Households8 3546 5551 747-59173-50-13
    Unincorporated enterprises within households120011010
    Private non-financial unincorporated enterprises inclusive housing cooperatives etc.0000000
    Employees, recipients of property income, pensions and social contributions, students etc.8 3426 5551 747-60163-51-13
    Rest of the world-626-1 708-6922211 580-281
    Unspecified sector-51-6-1-9100
    Explanation of symbols
  • Mutual funds` balance sheet. Annual figures in NOK million.
    Mutual funds` balance sheet. Annual figures in NOK million.
    2019202020212022
    ASSETS
    Equities627 111693 783909 573840 773
    Mutual fund shares186 261200 092236 749177 431
    Equity certifikates7 1577 53511 58810 006
    Long-term debt securities471 486516 527538 599502 704
    Short-term debt securities28 44927 89821 99421 284
    Other assets11 19717 7688 78010 163
    Bank deposits in total38 47741 20353 09643 886
    Deposits in domestic banks29 00525 55141 72134 750
    Deposits in foreign banks9 47115 65111 3759 136
    TOTAL ASSETS1 370 1701 504 8061 780 3791 606 246
    LIABILITIES AND EQUITY CAPITAL
    Total paid-in equity capital925 266954 2091 071 6651 058 620
    Mutual fund shares at par value786 571821 281945 207984 513
    Premium/discount138 695132 928126 45874 108
    Retained earnings436 500535 498697 367538 844
    Debt8 40515 09911 3478 782
    Tax payable-151-109-80-86
    Allocated to the mutual fund shares’ holders31218637033
    Other debt8 24415 02211 0578 834
    TOTAL LIABILITIES AND EQUITY CAPITAL1 370 1701 504 8061 780 3791 606 246
    Number of mutual funds398402404398
    Explanation of symbols
  • Mutual funds` profit and loss accounts. Annual figures in NOK million.
    Mutual funds` profit and loss accounts. Annual figures in NOK million.
    2019202020212022
    Portfolio income and expenses
    Interest14 21513 41613 17616 524
    Dividend16 22714 34719 56424 578
    Net realized gains on securities41 04448 62994 17127 418
    Net changes in unrealized gains/losses on securities130 73132 60486 792-181 280
    Other investment portfolio income and expenses-5 2505 5035 421-4 845
    NET INVESTMENT PORTFOLIO INCOME196 967114 499219 124-117 605
    Management revenue and costs
    Commision from sale and redemption of mutual fund shares50533129
    Other income and expenses-158-88-51-118
    Management charges-6 337-6 754-8 576-7 862
    NET MANAGEMENT INCOME-6 445-6 789-8 596-7 951
    NET INCOME BEFORE TAX190 522107 711210 528-125 555
    Tax costs-1 175-1 393-1 690-1 987
    NET INCOME189 347106 318208 838-127 542
    Allocation of Net Income
    Allocated for distribution to mutual fund shares' holders5 9646 40816 3814 838
    Net distributed to mutual fund shares' holders during the year3 4924 9569 0893 084
    Transfer to/from retained earnings179 89094 954183 368-135 464
    TOTAL ALLOCATIONS AND EQUITY TRANSFERS189 346106 318208 838-127 542
    Explanation of symbols
  • Mutual funds` sum of assets by type of funds. Accounting figures. Annual figures in NOK million.
    Mutual funds` sum of assets by type of funds. Accounting figures. Annual figures in NOK million.
    2019202020212022
    TOTAL ASSETS1 370 1701 504 8061 780 3791 606 246
    Equity funds759 179841 8481 080 845956 243
    Bond funds338 642370 077357 410320 705
    Liquidity funds109 285115 584134 643132 931
    Other bond funds97 061106 415119 039119 569
    Hybrid funds61 61765 84580 55872 433
    Other funds4 3875 0397 8864 367
    Explanation of symbols
  • Mutual funds` net income by type of funds. Annual figures in NOK million.
    Mutual funds` net income by type of funds. Annual figures in NOK million.
    2019202020212022
    NET INCOME189 347106 318208 838-127 542
    Equity funds159 89482 460196 138-103 968
    Bond funds15 40616 001-528-19 444
    Liquidity funds2 1851 4328601 877
    Other bond funds4 5311 9754 223-1 057
    Hybrid funds7 0934 0507 262-5 154
    Other funds238401882204
    Explanation of symbols
  • Mutual funds` profit and loss accounts by equity funds and all other funds. Last year in NOK million.
    Mutual funds` profit and loss accounts by equity funds and all other funds. Last year in NOK million.
    2022
    Equity fundsAll other funds
    Portfolio income and expenses
    Interest27316 251
    Dividend24 023555
    Net realized gains on securities34 624-7 206
    Net changes in unrealized gains/losses on securities-153 822-27 458
    Other investment portfolio income and expenses-923-3 922
    NET INVESTMENT PORTFOLIO INCOME-95 825-21 780
    Management revenue and costs
    Commision from sale and redemption of mutual fund shares254
    Other income and expenses-115-3
    Management charges-6 069-1 793
    NET MANAGEMENT INCOME-6 159-1 792
    NET INCOME BEFORE TAX-101 985-23 570
    Tax costs-1 983-4
    NET INCOME-103 968-23 574
    Allocation of Net Income
    Allocated for distribution to mutual fund shares' holders54 833
    Net distributed to mutual fund shares' holders during the year83 076
    Transfer to/from retained earnings-103 980-31 484
    TOTAL ALLOCATIONS AND EQUITY TRANSFERS-103 967-23 575
    Explanation of symbols

About the statistics

The statistics cover mutual funds managed by Norwegian fund managers. The annual accounting statistics present information on annual balance sheet and profit and loss accounts of the mutual funds. The quarterly statistics contain information about share capital and net purchases of mutual fund shares by type of fund and holding sector.

Mutual fund: Mutual funds are collective investment undertakings through which an indefinite circle of investors pool funds for investment mostly in securities such as listed shares, equity certificates, bonds and short-term debt securities.

Securities: A security is a negotiable financial instrument. Negotiability refers to the fact that its legal ownership is readily capable of being transferred from one owner to another by delivery or endorsement. While any financial instrument can potentially be traded, a security is designed to be traded on an organised exchange or “over the counter”, although evidence of actual trading is not required. The over-the-counter marketinvolves parties negotiating directly with one another, rather than on a public exchange.

Securities include debt securities and equity securities, securities such as listed and unlisted shares, equity certificates, bonds and short-term debt securities.

Balance sheet: The balance sheet shows assets, liabilities and equity at the end of the financial year.

Profit and loss account: Shows income and expenses over the course of the calendar year.

Type of mutual funds:

The mutual funds are grouped into the following six types of mutual funds, according to how the mutual funds share capital is invested: equity funds, bond funds, money market funds, hybrid funds, other bond funds and other funds.

Equity fund is a type of mutual fund, where 80 percent of shareholders’ capital is invested in equity securities, mainly listed shares and equity certificates.

Bond fund is a mutual fund invested in debt instruments or bond funds. It is also called debt fund. Share capital in bond funds are invested in long-term debt instruments.

Money market fund is a mutual fund or more exactly a debt fund that invests in short-term debt securities such as treasury bills and commercial papers that are called money market instruments that have maturity of less than a year.

Hybrid fund is a mutual fund that invests both in equities and bonds. The percentage of equities or debt instruments in the portfolio of the hybrid funds varies from one hybrid fund to another. This percentage may also vary over time.

Other bond fund is a debt fund that doesn’t fall into the category of bond fund or money market fund.

Other fund can be described as a mutual fund that cannot be classified as any of the above mentioned funds. Hedge funds among others are classified under this category.

Valuation

The market value of the mutual funds' shares is based on the net share value of the individual fund at the end of each period.

The market value of the securities owned by the mutual funds is based on available market rates. For listed securities, this will mainly be the market price from the Oslo Stock Exchange and foreign stock exchanges. For the non-listed, VPS-registered securities, estimated market rates derived from observed transaction rates or annual tax assessment rates are used.

Financial instruments and fixed assets: liabilities, claims and other assets in the unit trust's balance sheets are divided into main groups with a view to providing uniform groups.

Debtor and creditor sector: In compiling the statistics, the actors are grouped into sectors, primarily by socio-economic function, such as general government, financial enterprises, non-financial enterprises, households and the rest of the world.

Income and expense types: including, inter alia, interest and share dividends, are based on national accounts rules.

The sector and industry classification for Norwegian enterprises (issuers/owners) is entirely based on the Register of Business Enterprises in Brønnøysund that is based on the international requirements stated in SNA2008 (System of National Accounts) /ESA2010 (European System of Accounts) and NACE Rev.2 (European Classification of Economic Activities) from the 4th quarter of 2006.

Name: Mutual funds
Topic: Banking and financial markets

22 November 2023

Division for Financial Markets Statistics

Only at the national level

The accounting statistics is published annually in September the following year.

The statistics about share capital and net purchases is published quarterly, normally 8-9 weeks after the end of the reference period.

OECD and BIS

Time series are stored in a database solution.

The annual accounting statistics:

The purpose is to contribute accounting data to the financial market statistics and national accounts, and for supervisory and control purposes at the Banking, Insurance and Securities Commission and Norges Bank. Officially, Statistics Norway started the unit trust statistics in 1990. The statistics are based on the cooperation of the Banking, Insurance and Securities Commission, Norges Bank and Statistics Norway. Until 1994 Statistics Norway did the collection, processing, storage and presentation of the data. After 1994 Norges Bank had responsibility for collecting, processing, storage and presentation for unit trusts. Since January 2007 Statistics Norway has had the responsibility for unit trusts. Since 1996 Statistics Norway has published profit and loss figures in addition to previously published annual balance sheets with sector specification of certain financial instruments.

The statistics about share capital and net purchases:

The purpose is to provide an overview of the mutual funds’ balance sheet, with a particular focus on the sector information of the funds’ shares capital and mutual funds’ assets. Data basis is also used as an input for the balance of payments, financial sector accounts and the money supply statistics.

The statistics were established in 1997 and contains quarterly data as of 1st quarter of 1996. Data is also available for earlier periods, on an annual basis, annual accounting statistics for mutual funds.

The responsibility for publishing the statistics was transferred from Central Bank of Norway to Statistics Norway as of 1 January 2007.

In addition to Statistics Norway, important users are public authorities, research institutes and participants in the securities markets.

No external users have access to the statistics before they are published and accessible simultaneously for all users on ssb.no. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar.

The statistics are based on the guidelines in the System of National Accounts from 2008 (SNA 2008), European System of Accounts from 2010 (ESA 2010) and the IMF's Manual on Monetary and Financial Statistics.

The Statistics Act § 10

Not relevant

The population is all mutual funds licensed by the Banking, Insurance and Securities Commission.

The statistics are based on:

  • Data on mutual funds’ shares capital and on the transactions of mutual funds shares.
  • Data on the mutual funds’ holdings of Norwegian and foreign securities.
  • Central posts from mutual funds’ annual balance sheet and profit and loss accounts.

The annual accounting statistics:

Statistics Norway collects accounting data from all mutual funds registered in Norway.

The statistics about share capital and net purchases:

The statistics is based on quarterly reporting of the mutual funds’ managers, monthly data deliveries from the Norwegian Central Securities Depository (VPS) and custodians (for information on the mutual funds). ORBOF (accounting information for banks and financial undertakings) is used as a source, with regard to the mutual funds’ bank deposits.

The statistics include all Norwegian-registered mutual funds.

The annual accounting statistics:

For mutual funds, Statistics Norway publishes annual balance sheet figures by financial instrument and type of fund, figures on holdings of securities by debtor sector and type of fund, and participation capital figures at face value by creditor sector. Profit and loss figures have also been published since 1996.

Statistics Norway control and revise the accounting data against published annual accounts and other consecutive sources.

The statistics about share capital and net purchases:

Primary data on mutual funds’ shares are received electronically from the mutual funds’ managers, via AltInn, the common Web portal for public reporting. Other relevant data, mainly on the mutual funds’ holdings of securities, is extracted from data that the Division for Financial Market Statistics collects from other sources for securities data.

Primary data is controlled for each source. In addition, controls are carried out on balance sheet level, both per mutual fund and at an aggregate level. Data series are reviewed on an ongoing basis and are published together with the data for the new reference period.

For some smaller balance sheet items where no quarterly data are received, interpolations are made, based on the annual accounts data.

Not relevant

Statistics Norway’s standard confidentiality rules apply.

The accounts statistics for unit trusts are, as far as possible, based on current accounting rules. Breaks can therefore occur in connection with changes in accounting legislation.

Generally, the mutual funds statistics provide quarterly data comparable over time. However, changes in the legal framework, changes in the regulation of registration requirements in the Securities Register act and changes in the institutional sector classification can all lead to break in the time-series data. The main changes that are introduced are as follows:

2021: Statistics Norway does not longer publish market value of unlisted shares registered in VPS. This means that these unlisted shares are not included in the balance sheet in the quarterly statistics.

2012: A new four digit institutional sector classification is introduced

The new sector classification was adopted in the mutual funds statistics as of January 2012. One of the most significant changes is that the line between financial and non-financial sectors has been shifted such that the value of the financial sectors increased. In addition to this, new financial sectors were introduced such as investment trusts and private equity funds other financial enterprises, except insurance companies and pension funds. Households and non-profit institutions serving households are also treated separately according to the new institutional sector classification.

2012: New classification of type of funds

Statistics Norway introduced changes in the classification of the mutual funds as of 1st January 2012. This change in the standards is in line with the Norwegian Fund and Asset Management Association’s (VFF) standards, which they introduced in 2010. According to this, a new group called ‘other bond funds’ was introduced and the money market funds were defined more precisely. Changes were in line with the new guidelines that were drawn by ESMA- European Securities and Markets Authority to have a new common definition of the money market funds.

2006: Changes in the statistics as of 4th quarter of 2006

The mutual funds’ investments in mutual funds shares are included in the figures as of 4th quarter 2006. Previous quarters were published as net figures, i.e. without these investments.

In addition, the information regarding what mutual funds own in terms of shares, bonds short-term debt securities were directly collected through VPS (Norwegian Central Securities Depository) and the custodians that deposit the mutual funds’ assets.

2004: A quarterly direct reporting of information on the mutual funds shares, via mutual funds’ managers has been established starting with the 4th quarter of 2004.

The annual accounting statistics:

Errors and discrepancies can occur in accounting data. These discrepancies can have several sources: Errors in transferring the data from the companies' primary accounts to receiving media, different accounting and estimation principles, different entry times or incompletely filled out reports from respondents.

The statistics about share capital and net purchases:

To the extent that the fixed delivery from the primary sources contains errors or defects, this could affect the statistics. Processing and control routines have been established in order to detect and correct such errors and defects.

In cases where an owner of share capital is registered on a nominee account of a financial enterprise, others than the genuine owners will be registered in the share holder register. This can to some extent cause the application of sectors to owners of holdings and transactions to be imperfect.

Data may be revised in future publications.

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