Government Pension Fund Norway (discontinued), 2nd half-year 2011

At the end of December 2011, the value of the Fund’s shares and other equity was NOK 78.3 billion. This is 0.5 per cent less than the value at the end of June 2011 and 10.9 per cent less than at the end of 2010. The bonds were valued at NOK 51.1 billion at the end of 2011. This sum is 13.8 per cent higher than at the end of 2010, but 6.8 per cent lower than at the end of the first half of 2011. Deposits and other financial assets amounted to NOK 7 billion at the end of 2011.

Most of the Fund’s shares and other equity were invested in Norwegian non-financial enterprises. These investments were valued at NOK 53.5 billion at the end of 2011. Investments in financial enterprises had a value of NOK 6.9 billion and foreign investments amounted to NOK 18 billion.

Nearly half of the Fund’s bonds, NOK 24.7 billion, were invested in financial enterprises at the end of 2011. NOK 6 billion was invested in general government and NOK 10.9 billion was invested in non-financial enterprises. Foreign investments account for NOK 9.6 billion of the Fund’s bond portfolio.

Tables:

• Table 1 Government Pension Fund - Norway. Balance sheet. 31 December 2006-31 December 2011. NOK million
• Table 2 Government Pension Fund - Norway. Bonds and shares and other equity, by debtor sector. NOK million