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Norway’s GPFG Returned -2.5% in 2011

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Norway’s Government Pension Fund Global (GPFG) returned -2.5% in 2011. This was mostly attributable to global stock market declines. Norway’s GPFG returned -8.8% in equities, while fixed income returned 7%. The sovereign wealth fund had exposure to government bonds from the United States, United Kingdom, and Germany which proved to be beneficial in 2011. With the rising price of oil, capital inflows to the sovereign wealth fund totaled to 271 billion kroner, biggest since 2008.

According to Norway’s GPFG CEO Yngve Slyngstad, the sovereign wealth fund now holds 2.25% of the total European equity market.

Other interesting notes include assets under management by external managers reduced down to 4.4% of assets (145 billion kroner) in 2011. Norway’s SWF made a major push into real estate in 2011. The fund held interests in 114 buildings in London and Paris at year-end.

End of Year Allocation

  • 58.7% Equities
  • 41% Fixed Income
  • 0.3% Real Estate

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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