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Norway SWF Feels Market Movements in First Quarter of 2018

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Norway Government Pension Fund Global got hit in the first quarter of 2018, returning -1.53%. The fund had equity investments returning -2.22% and fixed income returning -0.37%. Unlisted real estate generated a 2.5% return for the first quarter of 2018. Technology stocks performed the best for the sovereign fund. The fund’s top three stock holdings for the first quarter were Apple, Microsoft and Nestlé SA. The fund did express expanding regulatory risk in internet companies could undermine returns. The telecommunications sector was the worst performing listed equity sector for the quarter for the sovereign fund, posting a -6.4% return.

“The most important expression of the risk in the fund is that the strategic equity share is set to 70 percent. This means that fluctuations in the fund’s value are predominantly determined by the development in global stock markets,” commented Yngve Slyngstad, CEO of Norges Bank Investment Management in a press release.

Norway’s GPFG had a market value of 8,124 billion NOK as of March 31, 2018.

Fixed Income

For the first quarter of 2018, Norway’s GPFG boosted government bond holdings in Italian, Brazilian and Indian bonds. Some of the biggest decreases in bond holdings were in countries from Mexico, Poland and South Korea.

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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