Norway's sovereign wealth fund increases equity holdings share

By IVCPOST Staff Reporter

Aug 09, 2013 08:52 AM EDT

Norway's oil fund increased its share of equity holdings as it returned 0.1% on its portfolio for the second quarter of this year. The sovereign wealth fund upped its equity holdings share to 63.4% while decreasing stakes in government bonds. Three months ago, the fund's equity holdings was pegged at 62.4%.

Yngve Slyngstad, the chief executive of the one of the world's largest funds, said that US and Japan strengthened the equity market. "Equity markets were boosted by a strong market in the U.S. and Japan while emerging markets pulled in the other direction," he explained. He also added that an increase in global yields undermined returns on fixed income.

The sovereign wealth fund also cut its holdings on British government debt by 26% compared to what it held three months before. It also raised to 30% the size of its Japanese government bonds holdings. To date, Norway's oil fund investments have reached NOK 4,490 billion or USD 760 billion.

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