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Alternative Market Briefing

Norway’s state pension fund returns 5% in third quarter

Monday, November 25, 2013

Beverly Chandler, Opalesque London:

Norges Bank Investment Management, manager of the Norwegian government’s global pension fund has published its third quarter report on investment returns.

The Government Pension Fund Global returned 5.0%, or 228 billion kroner,($37bn) in the third quarter of 2013. Equity investments returned 7.6%, while fixed income investments returned 0.3%. The return on equity and fixed income investments was 0.1 percentage point higher than the return on the fund’s bench mark, the report said.

Investments in real estate returned 4.1%. The fund had a market value of 4,714 billion ($769bn) kroner at the end of the quarter and was invested 63.6% in equities, 35.5% in fixed income and 0.9% in real estate.

The fund did well across Asia with Japanese stocks returning 5.4%, boosted by the country’s economic stimulus package, which includes purchases of government bonds and direct investment in the economy, the report says. The Asia-Pacific region returned 4.9% for the fund. A total of 18.0% of the fund’s equity investments were in this region at the end of the quarter. Equities in emerging markets returned 2.4%. An improvement in the Chinese market due to stronger exports was the main reason for the positive return. Emerging markets accounted for 9.6% of the fund’s equity investments at the end of the quarter.......................

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