Norway’s GPFG Returns 4.7 Percent for 3rd Qtr 2012
According to the press release, “the Government Pension Fund Global returned 4.7 percent, or 167 billion kroner, in the third quarter of 2012.
“The result was largely driven by a rally in global stock markets,” says Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM), which manages the fund. “Stocks gained the most in Europe, where the fund has about half of its shareholdings.”
Equity investments returned 6.5 percent and fixed-income investments returned 2.2 percent. The return on these investments was 0.03 percentage point lower than the return on the fund’s benchmark indices. Investments in real estate returned 2.7 percent.
The fund in the quarter reduced its holdings of French and Spanish government debt. It boosted its investments in US and Japanese government bonds and increased its holdings of government bonds issued in the currencies of emerging economies such as South Korea, Mexico and Russia. The changes reflect a strategy to gradually reduce the fund’s share of European bonds while increasing bond investments in other regions.”
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