Norway's Oil Fund Returned 0.1% in 3Q
By Dominic Chopping
Norway's trillion-dollar sovereign-wealth fund, the world's
largest, returned 0.1% in the third quarter, equivalent to a gain
of 31 billion kroner ($3.7 billion).
Norges Bank Investment Management, the arm of the central bank
that manages the sovereign-wealth fund, commonly known as the oil
fund, said Thursday that the fund's return was 0.25 percentage
point higher than the return on the benchmark index.
"The equity market continued to strengthen toward August, before
dipping slightly in the second half of the quarter," Trond Grande,
deputy chief executive of NBIM, said.
"However, the fund has achieved somewhat higher returns than the
market, particularly in our equity investments," Mr. Grande
The krone depreciated against several of the main currencies
during the quarter, which increased the value of the fund by NOK22
billion, NBIM said. Some NOK52 billion was withdrawn from the fund
during the quarter.
The fund had a market value of NOK11.674 trillion ($1.405
trillion) as of Sept. 30, and was 71.5% invested in equities, 25.9%
in fixed income, 2.5% in unlisted real estate, and 0.1% in unlisted
renewable energy infrastructure.
Equity investments made a negative return of 0.1% in the
quarter, unlisted real-estate investments returned 3.6%, and
fixed-income investments returned 0.1%, NBIM said.
Write to Dominic Chopping at firstname.lastname@example.org
(END) Dow Jones Newswires
October 21, 2021 04:46 ET (08:46 GMT)
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