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Trump Rally Helps Norway Wealth Fund Score $53 Billion

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After a volatile beginning for many large asset owners in 2016, the election of a pro-business politician in the United States has positively impacted global equity markets, lifting annual returns for many institutional investors exposed to public equities.

Yngve Slyngstad

Yngve Slyngstad

Norway’s Government Pension Fund Global (GPFG) benefited from the Donald Trump rally, posting a 6.92% return for calendar year 2016. GPFG took home 447 billion NOK (US$ 53 billion) in 2016. Post-election, U.S. stocks have shot upwards hoping for deregulation and major tax reform in a Republican-dominated U.S. government. The European wealth fund had 37.4% of its listed equity investments in the United States, generating a 15.5% U.S. equity return in international currency for 2016, beating out Australia, France, Sweden, United Kingdom, Germany and China. Overall, listed equities were a driver for positive returns, posting 8.72% for the year. Key contributors for GPFG in equities were Royal Dutch Shell Plc, Glencore Plc and U.S. technology mammoth Apple Inc.

Norway GPFG Profile

The wealth fund decreased exposure to Europe from 38.1% in 2015 to 36% in 2016, while increasing allocation to North America to 42.3% from 40%. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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