Norway’s Oil Fund had a return of 990 billion kroner in the first half of 2021

Johan Sverdrup oil fieldPhoto: Carina Johansen / NTB
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The Oil Fund had a return of 9.4% in the first half of 2021. That corresponds to NOK 990 billion.

Thus, the fund had a total value of NOK 11,673 billion as of June 30 this year, Norges Bank writes.

“Equity investments contributed the most to the return in the first half of the year, and especially investments in the energy and finance sectors. The investments in the energy companies received a return of 19.5%,” Oil Fund chief Nicolai Tangen stated.

Overview of returns

During the corona pandemic, equities in health and technology have also had solid returns.

The return on the fund’s equity investments was 13.7% in the first half of the year, and for unlisted real estate, a return of 4.6% was obtained. 

The fund’s return was 28 basis points higher than the return on the benchmark index.

However, the fund’s value was also affected by the fact that the krone exchange rate has strengthened against several currencies. This reduced the Oil Fund’s value by NOK 79 billion.

During the first half of the year, NOK 147 billion was withdrawn from the fund.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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