Europe’s largest equity investor, the Government Pension Fund Global, also known as the Norwegian oil fund, the sovereign wealth fund that invests royalties from the country’s oil and gas industry, has reported its third strongest quarterly performance ever.
The fund returned 3.8% overall, or NOK298bn (€32.5bn) over the quarter, with equity investments returning 5.5% and fixed income investments 0.8%. Unlisted property returned 0.5%.
Over the last month of the quarterly period, total return exceeded total inflows, said Yngve Slyngstad, CEO of Norges Bank Investment Management, the manager of the fund.
The value of the fund was helped by the depreciation of NOK over the period. The market value on 31 March was NOK7,867bn (€859bn) at which time 64.6% was invested in equities, 32.9% in fixed income and 2.5% in unlisted property. The fund’s biggest equity holdings include Nestle, Royal Dutch Shell, Apple, Alphabet, Microsoft, Roche and Novartis.
The figures are preliminary, and final figures will be published on 28 April.