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Norway SWF on Path to $1 Trillion in Assets

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Norway’s Government Pension Fund Global (GPFG) revealed its second quarter 2017 figures. The wealth fund had surpassed US$ 954 billion in assets at the end of June, on its path toward US$ 1 trillion. For the second quarter of 2017, the fund returned 2.6%, or 202 billion NOK. The listed equity allocation for the fund reached 65.1% and returned 3.4% for the quarter. Norway’s GPFG has permission to go up to 70% in listed equities. In regard to public equities, Norway’s GPFG benefited from its allocation to healthcare stocks which delivered a second quarter return of 5.7%, with industrials at 4.9%. In addition, the wealth fund’s holding of Amazon stock made it to be the eighth largest equity holding for the fund, some 29.705 billion NOK (US$ 3.5 billion).

Norway’s GPFG is also looking into whether private equity would be a meaningful and appropriate asset class for the sovereign fund. Would expanding into additional asset classes make a difference in returns for a sovereign fund that is approaching US$ 1 trillion in assets? The sheer size of the fund could undermine efforts for Norway’s GPFG to diversify into infrastructure and private equity. Norway’s GPFG has experimented with a 5% target allocation toward institutional real estate. It has taken the fund years to build out a portfolio that still dwarfs in size the total fund portfolio value.

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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