BUSINESS - MINING
| 2013-08-12Norway’s US$760 bn oil fund increases bet on equities
OSLO – Norway’s sovereign wealth fund, one of the world’s biggest investors, returned 0,1% on its portfolio in the second quarter of 2013, beating its own benchmark index by 0,3 percentage point, it said on Friday.
The fund increased the share of equity holdings to 63,4% of its portfolio from 62,4% three months ago and cut its ownership of government bonds.
“Equity markets were boosted by a strong market in the US and Japan while emerging markets pulled in the other direction,” Yngve Slyngstad, the fund’s chief executive said.
“Fixed income returns were undermined by a rise in global yields,” he added.
Among the biggest changes in its portfolio, it cut is British government debt holdings by 26% from three months earlier and increased its Japanese government bonds by 30%.
The fund’s investments totaled or US$760 billion on Friday. The fund holds about US$150,000 for each of Norway’s 5,1 million residents. – Nampa-Reuters
The fund increased the share of equity holdings to 63,4% of its portfolio from 62,4% three months ago and cut its ownership of government bonds.
“Equity markets were boosted by a strong market in the US and Japan while emerging markets pulled in the other direction,” Yngve Slyngstad, the fund’s chief executive said.
“Fixed income returns were undermined by a rise in global yields,” he added.
Among the biggest changes in its portfolio, it cut is British government debt holdings by 26% from three months earlier and increased its Japanese government bonds by 30%.
The fund’s investments totaled or US$760 billion on Friday. The fund holds about US$150,000 for each of Norway’s 5,1 million residents. – Nampa-Reuters
