Norway's oil fund registered a 5% return on its investments in the third quarter on continued economic recovery in developed markets and stronger economic activity in China.
Norway
's oil
fund registered a 5% return on its investments in the third quarter on
continued economic recovery in developed markets and stronger economic activity
in
China
.
Norges Bank Investment Management, or NBIM, the arm of the central bank that
manages the fund, said in a statement Friday that the gain equated to 228
billion Norwegian kroner ($38.78 billion). The total value of the fund as of
September 30 was NOK4.714 trillion.
Equity investments returned 7.6% while fixed-income investments gained 0.3%,
NBIM said.
"Stock market returns in the third quarter were driven mainly by continued
economic recovery in developed markets," said Yngve Slyngstad, chief
executive of NBIM. "The negative trend in emerging markets continued into
the quarter, but higher economic activity in
China
led a
rebound towards the end of the period. Fixed-income investments continue to
perform relatively poorly."
The agency said the oil fund, also known as the Government Pension Fund Global,
had increased its holding in bonds issued by Brazil, Spain and Germany and
decreased its holding of those of the U.S., the financial entity Caja de
Ahorros y Pensiones de Barcelona and Canada.
Around 79% of fixed-income investments at the end of the quarter were
denominated in one of the four major currencies--dollars, euros, yen and
sterling--, down from 81.7% at the end of 2012, the fund said.
The fund held 63.6% in equities, 35.5% in fixed-income assets and 0.9% in real
estate at the end of the third quarter.
The oil fund was set up in the 1990s to act as the main investment vehicle for
Norway
's
vast oil wealth.
Διαβάστε ακόμα
Παρ, 26 Ιουλίου 2024 - 16:04
Παρ, 26 Ιουλίου 2024 - 16:02
Τετ, 24 Ιουλίου 2024 - 15:10
Τετ, 24 Ιουλίου 2024 - 15:06
Τρι, 23 Ιουλίου 2024 - 16:51