Data published by the Norwegian Fund and Asset Management Association, VFF, suggest local retail investors were net buyers through October, ditto foreign investors in Norwegian securities funds, but that local institutional investors were marginal net sellers.
Retail investors invested NOK565m on a net basis over the month, of which NOK694m went into bond funds, with NOK91m into balanced funds, countered by net redemptions from equity funds of NOK192m.
The trend so far in 2019 means retail investors have put a net NOK5.28bn into securities funds, while assets are up 16% to NOK265bn.
Norwegians have some flexibility to self select funds in certain types of pension or long term savings vehicles, such as the IPS, individual pension savings account. Here the data suggests net redemptions of NOK251m over the month.
Institutional investors, which includes insurers, pension schemes and municipalities, ended the month as net sellers to the tune of NOK1bn.
Of this, some NOK1.7bn went out of equity funds, although net investments were made into bond funds of some NOK578m.
Foreign investors put NOK438m into Norwegian funds on a net basis over the month, taking their total assets to some NOK130bn.
Overall, the data points to net redemptions of NOK330m, the result of NOK2.8bn being withdrawn from equity funds, but net savings of NOK2.3bn going into bond funds.
Total assets rose by 1.73% over the month, to NOK1.294trn (€128bn), which is equivalent to a gain of NOK165bn or 14.6% since the start of the year.