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Sovereign Wealth Funds Briefing 03.Mar 2014

Posted on 03 March 2014 by VRS |  Email |Print

Norway’s sovereign-wealth fund, the world’s biggest, is set to invest in larger ownership positions in more companies even as its chief executive expects a cooling of equity markets following a strong performance in 2013.
The $840 billion oil fund posted returns of 15.9% in 2013, or the second-best in its 18-year history, with the strength of its massive stock portfolio countering flat bond returns. The U.S. Federal Reserve’s liquidity actions were cited as a key reason for strong equities……………………………………….Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

Norway’s $840 billion sovereign fund, the world’s biggest equity investor, has cut its investments in gold and coal miners due to environmental concerns and will review the entire mining sector this year, it said on Friday.
The fund, which grew by $200 billion in 2013 alone and owns about 1 percent of all global stocks, exited its investments in 27 gold and coal miners in 2013 and cut its stakes in others. The wider sector review potentially heralds one of the biggest changes since it was set up as a sovereign wealth fund in 1998………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, gained 692 billion kroner ($115 billion) last year as stocks rallied, forcing it to pare its equity holdings for the first time ever to comply with risk mandates.
The Government Pension Fund Global returned 15.9 percent in 2013, after rising 13.4 percent the year before, the Oslo-based investor said today. The $840 billion fund’s stocks returned 26.3 percent, while its bond investments climbed 0.1 percent. Real estate investments gained 11.8 percent………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

Norway’s oil fund, the world’s biggest sovereign wealth fund, has just announced that it had its second-best year ever. Norges Bank Investment Management, the arm of the central bank that manages the fund, said gains were driven by bouncy equity markets while bond markets barely returned anything at all.
Among the interesting nuggets in the presentation: a particular enthusiasm for emerging markets debt—the whipping boy of 2013. Last year was pretty grim for developing countries. Concerns over an unwinding of monetary stimulus by the Fed as well as economic weakness sent investors scurrying out of emerging markets. Currencies tumbled and bond yields surged in many regions………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

The Norway sovereign wealth fund, the largest in the world with assets of $810 billion (£485 billion), recently excluded a mining company from its portfolio because of its parent company’s operations.
Sesa Sterlite, an India-focused subsidiary of mining conglomerate Vendanta Resources, which itself was excluded from the pension fund in 2007, was recommended to be excluded by the Council of Ethics. They cited exclusion on ethical grounds, saying Vedanta’s “relevant operations in India, which are run through the company Sesa Sterlite, present an unacceptable risk of environmental damage and serious violations of human rights.”……………………………………….Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

Norway said Friday that it would consider pulling its enormous state oil fund out of overseas investments in fossil fuels. Norway has the world’s largest sovereign wealth fund, which has invested the nation’s oil wealth in a range of stocks, bonds and other vehicles — including major oil and gas companies.
An independent panel of experts will report back to parliament in 2015 on the likely consequences of the fund — which is worth almost $840 billion (610 billion euros) — divesting from coal, oil and gas businesses, the rightwing ruling coalition said Friday. It was not clear whether any pull-out would affect all fossil fuel extraction companies, or whether it would also include power companies………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

A bumper 2013 for Norway’s sovereign wealth fund, which invests surplus oil revenue, has made every Norwegian a virtual millionaire in kroner. After posting its second best year, Norway’s so-called “oil fund” - the world’s largest - signalled a shift away from fossil fuels, notably over environmental concerns.
The fund’s market value rose US$200 billion last year to top 5 trillion kroner, according to figures released by the central bank on Friday. That almost makes every single one of the Nordic country’s 5.1 million inhabitants a millionaire in the local currency (S$211,300), at least on paper………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

Real estate investments returned 11.8 percent for Norway’s $840 billion sovereign wealth fund in 2013, the fund’s manager announced.
In the fund’s second-best year ever, the Government Pension Fund Global returned 15.9 percent, or $115 billion, overall, according to the Norges Bank Investment Management. The fund’s equity investments returned 26.3 percent, while fixed-income investments returned 0.1 percent………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

The $838 billion Norwegian Government Pension Fund parted ways with nine of its external fund managers last year, while taking on its first new external fixed-income managers since 2011 after a tough year in the asset class.
The Government Pension Fund, one of the world’s biggest sovereign wealth funds, is financed by Norway’s oil reserves. It grew from $636 billion to $838 billion last year, largely as a result of strong equity market returns………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

Germany is on the dock, big time. In its 2013 ‘Alert Mechanism Report’ the European Commission announced that Germany jointly with Luxembourg would have to undergo a thorough review of its potentially disturbing high current account surplus.
The procedure is a legal necessity given that over the last three years Germany’s surplus has been above the critical level of 6% of its GDP. The Commission’s alert was preceded by a stern warning in a report to the US-Congress on international exchange rates in regards to the potentially deflationary impact of Germany’s current account surpluses………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

Kazakhstan is to launch a new domestic airline, the oil-rich country’s sovereign wealth fund has announced. The airline, to be called Ar Kazakhstan, will likely be based on a fleet of regional Bombardier planes and aims to rival the existing carrier Air Astana.
President Nursultan Nazarbayev said during a meeting with Bombardier CEO Pierre Beaudoin on Wednesday that Kazakhstan was pursuing a contract with the Canadian company to supply planes for the service. Umirzak Shukeyev, the head of the Samruk-Kazyna fund, said the new regional airline was being created to improve flight safety. It would both cooperate and compete with Air Astana………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA), has said it is considering investing up to $100 million (N16billion) in generation or distribution companies just as it has committed $200 million (N32 billion)to gas-to-power infrastructure to boost supply of electricity across the country.
The agency noted that the $100 million being proposed for the power assets is part of the $400 million Nigeria Infrastructure Fund, which represents 40 per cent of the $1 billion under its management. The NSIA Managing Director, Mr. Uche Orj explained that the agency would buy existing power assets with a view to enhancing the infrastructure………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

Zimbabwe’s government is willing to negotiate royalties with mining companies, Finance Minister Patrick Chinamasa said after the government proposed channeling a quarter of the levies into a planned sovereign wealth fund.
“We are aware that we shouldn’t kill the goose that lays the golden egg, but equally the goose mustn’t take the entire egg,” Chinamasa said. The planned wealth fund would receive royalties from gold, diamond, platinum and other mining operations under a bill outlined by the government in November………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

The Nikkei is carrying an article today headlines “Sovereign wealth funds buying more Japanese stocks” Sovereign wealth funds are stepping up their purchases of shares of Japanese companies Seen as having raised their growth potential due to continued restructuring and the economic policies of Prime Minister Shinzo Abe Government.
Pension Fund of Norway, held about 3.7 trillion yen ($35.9 billion) in Japanese shares at the end of last year, double the level of a year earlier, according to a recent report from Norges Bank, the country’s central bank, which manages the fund………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

Former Qantas shareholder activist Mark Carnegie has called on the ­government to consider the Future Fund to price any debt guarantee it considers for the ailing airline and warned against propping up companies at below ­market rates.
In an interview with the Nine Network’s Financial Review Sunday , Mr Carnegie, who was part of a ­consortium with former Qantas executives Geoff Dixon and Peter Gregg that tried to shake up the airline’s strategy a year ago, said the debate needed to be shifted beyond whether the government props up the national carrier………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

The New Zealand Superannuation Fund has sold a 2.5 per cent stake in New Zealand’s largest forestry business Kaingaroa Timberlands to six central North Island iwi. The deal, which was done at an undisclosed price, will see the super fund reduce its stake in the business from 41.25 per cent to 38.75 per cent.
The six iwi which include Ngati Rangitihi, Ngati Whakaue Assets and Te Arawa River Iwi Limited Partnership, Ngati Whare, Raukawa, Te Arawa Group Holdings Limited and Tuwharetoa, have formed Kakano Investment Limited Partnership to buy the stake………………………………………..Full Article: Source

Posted on 03 March 2014 by VRS |  Email |Print

The Alaska Permanent Fund is bigger than ever, topping $50 billion, the Alaska Permanent Fund Corporation announced Friday. The gain is largely attributed to a strong 2013 for stock markets. Approximately half the fund is invested in those markets, according to the corporation’s press release.
“Reaching such a significant milestone in the Permanent Fund’s value offers us yet another chance to be thankful that Alaskans created the Fund,” Permanent Fund Board Chairman Bill Moran said in a statement. “Over the last 37 years, the Fund has received $17 billion in deposits and has paid out $20 billion in dividends. And despite paying out more than it has taken in, the Fund has now reached a value of $50 billion. Overall, this has been a very successful program by any measure.”……………………………………….Full Article: Source

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