Mutual funds

Updated: 22 August 2024

Next update: 22 November 2024

Net purchases/sales
Net purchases/sales
2nd quarter 2024
-1 080
NOK million
 
Mutual funds. NOK million
Mutual funds. NOK million
Market value
3rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
All sectors
Outstanding amounts1 791 6461 910 8042 075 4982 118 331
Net purchases/sales25 07435 62422 074-1 080
Financial corporations
Outstanding amounts1 049 9601 118 8561 222 3891 241 098
Net purchases/sales14 36719 72610 985-11 032
Households
Outstanding amounts370 754395 083443 395480 112
Net purchases/sales4 5263 8039 19810 670
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 20234th quarter 20231st quarter 20242nd quarter 2024
    Total1 791 6461 910 8042 075 4982 118 331
    Non-financial corporations125 453136 290142 558146 201
    Public unincorporated enterprises, owned by central government0000
    Public incorporated enterprises, owned by central government4 8884 4414 2345 251
    Public unincorporated enterprises, owned by local government0000
    Public incorporated enterprises, owned by local government3 1044 3823 0162 260
    Private non-financial incorporated enterprises112 002121 904129 541132 429
    Private non-financial unincorporated enterprises167180186193
    Private non-profit institutions serving enterprises5 2925 3835 5816 068
    Financial corporations1 049 9601 118 8561 222 3891 241 098
    Norges Bank0000
    Banks38 66340 03743 86748 652
    Mortgage companies206206211239
    Finance companies86889092
    State lending institutions etc.26262828
    Financial holding companies3 4012 4894 6903 941
    Mutual funds177 415194 896214 014223 622
    Alternative investment funds (AIF) excluding mutal funds3 152987869860
    Other financial enterprises, except insurance companies and pension funds104 325113 107135 815128 886
    Life insurance companies and pension funds702 282745 515798 963810 658
    Non-life insurance companies20 40421 50523 84224 120
    General government23 97223 26922 81520 896
    Central government3 2363 3323 8301 882
    Local government20 73619 93718 98519 014
    Non-profit institutions serving households49 04052 14939 18833 401
    Households370 754395 083443 395480 112
    Unincorporated enterprises within households45485658
    Private non-financial unincorporated enterprises inclusive housing cooperatives etc.4442
    Employees, recipients of property income, pensions and social contributions, students etc.370 705395 031443 335480 052
    Rest of the world172 320184 800204 971196 281
    Unspecified sector147357182342
    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 20234th quarter 20231st quarter 20242nd quarter 2024
    Total25 07435 62422 074-1 080
    Non-financial corporations2 9318 1151 415-710
    Public unincorporated enterprises, owned by central government0000
    Public incorporated enterprises, owned by central government-756-481-881 020
    Public unincorporated enterprises, owned by local government0000
    Public incorporated enterprises, owned by local government2261 286-1 371-635
    Private non-financial incorporated enterprises3 3797 0182 881-1 518
    Private non-financial unincorporated enterprises3911
    Private non-profit institutions serving enterprises79283-8422
    Financial corporations14 36719 72610 985-11 032
    Norges Bank0000
    Banks-2 1345152 4592 611
    Mortgage companies00225
    Finance companies0030
    State lending institutions etc.0010
    Financial holding companies-557-960-251-958
    Mutual funds4 6018 4311 3656 016
    Alternative investment funds (AIF) excluding mutal funds-117-94-159-11
    Other financial enterprises, except insurance companies and pension funds1 3382 7672 814-5 995
    Life insurance companies and pension funds10 9928 7043 794-12 407
    Non-life insurance companies244363957-313
    General government814-1 053-68-787
    Central government94113297-447
    Local government720-1 166-365-340
    Non-profit institutions serving households-4831 648445-3 172
    Households4 5263 8039 19810 670
    Unincorporated enterprises within households-3161
    Private non-financial unincorporated enterprises inclusive housing cooperatives etc.000-2
    Employees, recipients of property income, pensions and social contributions, students etc.4 5293 8029 19210 671
    Rest of the world2 9173 331833 965
    Unspecified sector25416-14
    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 20234th quarter 20231st quarter 20242nd quarter 2024
    Shares971 7301 053 2761 187 3481 227 549
    Mutual fund shares218 973227 341248 628263 088
    Equity certificates10 49411 29811 44412 118
    Long-term debt securities502 472529 896536 529516 939
    Short-term bonds securities24 25729 00124 99229 770
    Other assets21 34425 11225 11225 112
    Deposits55 33749 24955 81458 123
    Sum all assets1 804 6061 925 1722 089 8662 132 699
    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 2024
    All types of fundsEquity fundsBond fundsLiquidity fundsOther bond fundsHybrid fundsOther funds
    Sum all holding sectors2 118 3311 404 833314 619160 118143 99689 5055 260
    Non-financial corporations146 20159 22812 31039 74124 3239 4261 173
    Public unincorporated enterprises, owned by central government0000000
    Public incorporated enterprises, owned by central government5 251346444 568410
    Public unincorporated enterprises, owned by local government0000000
    Public incorporated enterprises, owned by local government2 260143531 759234710
    Private non-financial incorporated enterprises132 42956 9848 50832 74323 7399 2891 166
    Private non-financial unincorporated enterprises193770383237
    Private non-profit institutions serving enterprises6 0681 9903 105668263420
    Financial corporations1 241 098821 966255 22680 00369 22410 9283 753
    Norges Bank0000000
    Banks48 65219 18510 75513 1525 1783830
    Mortgage companies23902390000
    Finance companies9292953010
    State lending institutions etc.2812412000
    Financial holding companies3 94103 4804412000
    Mutual funds223 622164 61935 2676 67017 06600
    Alternative investment funds (AIF) excluding mutal funds8600069416150
    Other financial enterprises, except insurance companies and pension funds128 88672 74325 51314 28712 7652 668911
    Life insurance companies and pension funds810 658554 341171 61741 74832 2637 8472 842
    Non-life insurance companies24 12011 0578 3222 9461 771240
    General government20 8966 5215 2336 5182 584346
    Central government1 88241501 507211100
    Local government19 0146 5175 0835 0112 373246
    Non-profit institutions serving households33 40115 1407 4605 1984 3131 064226
    Households480 112356 03222 36215 43519 92566 25799
    Unincorporated enterprises within households58170416210
    Private non-financial unincorporated enterprises inclusive housing cooperatives etc.2011000
    Employees, recipients of property income, pensions and social contributions, students etc.480 052356 01522 36115 43019 90966 23699
    Rest of the world196 281145 73312 01913 21323 5641 7493
    Unspecified sector34221391063470
    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 2024
    All types of fundsEquity fundsBond fundsLiquidity fundsOther bond fundsHybrid fundsOther funds
    Sum all holding sectors-1 08019 536-20 922-2 8542 46368413
    Non-financial corporations-7102 160-3 484-618826423-17
    Public unincorporated enterprises, owned by central government0000000
    Public incorporated enterprises, owned by central government1 0203-3501 367000
    Public unincorporated enterprises, owned by local government0000000
    Public incorporated enterprises, owned by local government-6353-108-411-146270
    Private non-financial incorporated enterprises-1 5181 929-3 345-1 455973397-17
    Private non-financial unincorporated enterprises14-112510
    Private non-profit institutions serving enterprises422221330-121-6-20
    Financial corporations-11 0324 612-15 543-412539-25829
    Norges Bank0000000
    Banks2 611488-1922 07024050
    Mortgage companies250250000
    Finance companies0000000
    State lending institutions etc.0000000
    Financial holding companies-9580-1 234276000
    Mutual funds6 0166 416-1 41112189000
    Alternative investment funds (AIF) excluding mutal funds-110-150-6000
    Other financial enterprises, except insurance companies and pension funds-5 995-2 627-1 865-1 301-50-18229
    Life insurance companies and pension funds-12 407171-10 299-1 932-265-820
    Non-life insurance companies-313164-566304-21610
    General government-78728-278-500-17-200
    Central government-4470-13-434000
    Local government-34028-265-66-17-200
    Non-profit institutions serving households-3 172-188-1 033-833-1 088-300
    Households10 6709 594952441855521
    Unincorporated enterprises within households100-2210
    Private non-financial unincorporated enterprises inclusive housing cooperatives etc.-200-2000
    Employees, recipients of property income, pensions and social contributions, students etc.10 6719 594952481835511
    Rest of the world3 9653 341-679-7342 021160
    Unspecified sector-14-110-1-310
    Explanation of symbols
  • Mutual funds` balance sheet. Annual figures in NOK million.
    Mutual funds` balance sheet. Annual figures in NOK million.
    2020202120222023
    ASSETS
    Equities693 783909 573840 7731 043 751
    Mutual fund shares200 092236 749177 431222 878
    Equity certifikates7 53511 58810 00611 298
    Long-term debt securities516 527538 599502 704547 755
    Short-term debt securities27 89821 99421 28428 727
    Other assets17 7688 78010 16325 111
    Bank deposits in total41 20353 09643 88649 249
    Deposits in domestic banks25 55141 72134 75033 465
    Deposits in foreign banks15 65111 3759 13615 784
    TOTAL ASSETS1 504 8061 780 3791 606 2461 928 771
    LIABILITIES AND EQUITY CAPITAL
    Total paid-in equity capital954 2091 071 6651 058 6201 128 825
    Mutual fund shares at par value821 281945 207984 5131 220 463
    Premium/discount132 928126 45874 108-91 637
    Retained earnings535 498697 367538 844785 576
    Debt15 09911 3478 78214 369
    Tax payable-109-80-86-269
    Allocated to the mutual fund shares’ holders1863703337
    Other debt15 02211 0578 83414 601
    TOTAL LIABILITIES AND EQUITY CAPITAL1 504 8061 780 3791 606 2461 928 771
    Number of mutual funds402404398400
    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.
    2020202120222023
    Portfolio income and expenses
    Interest13 41613 17616 52425 522
    Dividend14 34719 56424 57831 222
    Net realized gains on securities48 62994 17127 41846 155
    Net changes in unrealized gains/losses on securities32 60486 792-181 280153 664
    Other investment portfolio income and expenses5 5035 421-4 845671
    NET INVESTMENT PORTFOLIO INCOME114 499219 124-117 605257 234
    Management revenue and costs
    Commision from sale and redemption of mutual fund shares53312918
    Other income and expenses-88-51-118-15
    Management charges-6 754-8 576-7 862-7 500
    NET MANAGEMENT INCOME-6 789-8 596-7 951-7 497
    NET INCOME BEFORE TAX107 711210 528-125 555249 737
    Tax costs-1 393-1 690-1 987-2 585
    NET INCOME106 318208 838-127 542247 152
    Allocation of Net Income
    Allocated for distribution to mutual fund shares' holders6 40816 3814 8388 883
    Net distributed to mutual fund shares' holders during the year4 9569 0893 0846 219
    Transfer to/from retained earnings94 954183 368-135 464232 050
    TOTAL ALLOCATIONS AND EQUITY TRANSFERS106 318208 838-127 542247 152
    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.
    2020202120222023
    TOTAL ASSETS1 504 8061 780 3791 606 2461 928 771
    Equity funds841 8481 080 845956 2431 201 723
    Bond funds370 077357 410320 705344 284
    Liquidity funds115 584134 643132 931161 660
    Other bond funds106 415119 039119 569134 570
    Hybrid funds65 84580 55872 43381 742
    Other funds5 0397 8864 3674 792
    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.
    2020202120222023
    NET INCOME106 318208 838-127 542247 152
    Equity funds82 460196 138-103 968201 511
    Bond funds16 001-528-19 44418 475
    Liquidity funds1 4328601 8777 268
    Other bond funds1 9754 223-1 0579 629
    Hybrid funds4 0507 262-5 1549 623
    Other funds401882204647
    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.
    2023
    Equity fundsAll other funds
    Portfolio income and expenses
    Interest74124 781
    Dividend30 487735
    Net realized gains on securities52 756-6 601
    Net changes in unrealized gains/losses on securities122 15931 505
    Other investment portfolio income and expenses3 822-3 151
    NET INVESTMENT PORTFOLIO INCOME209 96547 269
    Management revenue and costs
    Commision from sale and redemption of mutual fund shares162
    Other income and expenses-183
    Management charges-5 992-1 508
    NET MANAGEMENT INCOME-5 994-1 503
    NET INCOME BEFORE TAX203 97245 765
    Tax costs-2 461-124
    NET INCOME201 51145 641
    Allocation of Net Income
    Allocated for distribution to mutual fund shares' holders58 878
    Net distributed to mutual fund shares' holders during the year516 168
    Transfer to/from retained earnings201 45530 595
    TOTAL ALLOCATIONS AND EQUITY TRANSFERS201 51145 641
    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.

The information under «About the statistics» was last updated 3 January 2022.

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 2024

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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