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Barely – Norway’s Sovereign Wealth Fund Outperforms Future Fund for First Quarter 2014

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Despite being heavily diversified in many asset classes, Australia’s Future Fund was beat by Norway’s sovereign wealth fund according to first quarter calendar results for 2014. The Future Fund generated first quarter returns of 1.1%, while Norway’s sovereign wealth fund returned 1.7%.

Sovereign wealth funds and large public pensions tend to be long-term investors.

The Future Fund’s return for the financial year to March 31, 2014 was 9.8%. The Future Fund increased allocation to emerging markets and has allocations to infrastructure and private equity. Allocation to alternative investments like private equity, hedge funds, real estate and infrastructure typically create higher investment expenses for public investors like sovereign wealth funds.

To be fair, comparing the 2013 calendar returns, the Future Fund posted 17.2% vs Norway’s 2013 annual return of 15.9%.

Norway GPFG 1st Quarter 2014 Returns

  • Fixed Income – 2%
  • Equity – 1.5%
  • Real Estate – 2%

41 billion NOK of new capital was transferred to the GPFG from the Norwegian government.

Sovereign wealth funds and large public pensions tend to be long-term investors. Monthly and quarterly performance numbers typically are of less importance to board members than annual or multi-year returns.

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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