Latest monthly flow figures published by VFF, the Norwegian Fund and Asset Management Association, point to net inflows to fixed income funds, but net outflows from equity funds.
Some NOK8.3bn (€863m) went to fixed income funds, with NOK2.7bn (€280m) coming out of equity funds.
Total assets managed by the industry rose by NOK15.8bn (€1.64bn) to a total of NOK1,214bn (€126.3bn) by the end of March.
Retail investors put NOK400m (€41.6m) into securities funds on a net basis, of which about NOK0.5bn went to fixed income funds, but with an outflow of NOK160m from equity and balanced funds.
For those selecting funds for pension plans, another NOK700m (€72.8m) went in through the month - this category of savings includes the IPS, individual pension savings plan, and life insurance including fund selection.
Norwegian institutional investors put NOK3.8bn (€395m) into securities funds on a net basis through the month. Some NOK3bn (€312m) was sold from equity funds, but they bought NOK6.8bn (€707m) of fixed income funds, mostly bond funds.
VFF notes that of the NOK20bn (€2.1bn) invested on a net basis so far this year, some NOK18.8bn (€1.95bn) has been put into fixed income funds. Over the same period, the total industry assets have gained NOK85.4bn (€8.88bn), equivalent to a gain of 7.6%. Of this some NOK13bn (€1.35bn) comes from net new investments into the funds, with the remainder accounted for by capital gains.