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Sovereign Wealth Funds Briefing 29.Aug 2014

Posted on 29 August 2014 by VRS |  Email |Print

The head of debt investment at Norway’s $880 billion sovereign wealth fund, the world’s largest, said a rally in U.S. corporate bonds may be coming to an end.
Looking at “American corporate investment grade bonds, we see that the spread lies around 100 basis points, that is nearly just as low as they were before the financial crisis,” Ole Christian Froeseth, head of fixed-income at the oil fund, said in a lecture in Oslo today. “One can argue that there isn’t much juice left in this spread, especially not in relation to where we were during the financial crisis.”……………………………………….Full Article: Source

Posted on 29 August 2014 by VRS |  Email |Print

Parkson Holdings Bhd announced via Bursa that Singapore’s sovereign wealth fund, GIC Private Ltd, ceased to be a substantial shareholder in the company. GIC sold 5.74 million shares or 0.5% on the open market, leaving it with a 4.57% interest in Parkson. According to Bursa filings, GIC had been continually selling the company’s shares since April.
At least one research house, AllianceDBS Research, had issued a sell call on the counter. “Parkson’s FY14 results missed consensus (-12%) but beat our expectations (+8%). Net profit plunged 42% year-on-year (yoy) despite revenue growth of 1.4%. Q4FY14 earnings were dragged down by weak China operations (under Parkson Retail Group [PRG]) with earnings before income tax (Ebit) dropping 29% yoy despite revenue rising 1%………………………………………..Full Article: Source

Posted on 29 August 2014 by VRS |  Email |Print

The Government of Singapore Investment Corp (GIC) has invested US$104 million in the popular Taiwan-based music streaming service KKBOX Inc. The investment plans to boost KKBOX’s business across Asia, the two sides said.
A joint statement said GIC’s investment would be used to fund KKBOX’s “overseas expansion, as well as refine its technology and service.” The investment underlines GIC’s “confidence in the long-term growth potential of KKBOX given its unique music streaming service and strong franchise in its home markets,” it said………………………………………..Full Article: Source

Posted on 29 August 2014 by VRS |  Email |Print

The Alaska Permanent Fund was founded in 1976 as a basin to hold “at least 25 percent of all mineral lease rentals, royalties, royalty sales proceeds, federal mineral revenue-sharing payments and bonuses received by the state.” Its beneficiaries, according to the state constitution, were to be “Alaska and all present and future generations of Alaskans.”
Each year, about one-quarter of the oil production tax flows into the fund’s coffers. And even though production in Alaska has fallen over time, the elevated price of oil has kept the volume of revenues high. In 2013, some $840 million flowed into the fund………………………………………..Full Article: Source

Posted on 29 August 2014 by VRS |  Email |Print

The Sovereign Wealth Fund Institute (SWFI) tracks direct public asset owner investment flows. Public asset owners are becoming bigger players in the capital markets. Increasingly, public asset owners are increasing assets, investing more directly, hiring more internal staff and acquiring more services. Public funds, particularly sovereign wealth funds, have grown enormously over the past decade.
In higher frequency, governments, asset managers, bankers and private equity funds have sought more information regarding these sovereign investors. As of August 2014, sovereign wealth funds are a US$ 6.7 trillion investor class. When combined with public funds over US$ 10 billion in assets, the figure surpasses US$ 22 trillion………………………………………..Full Article: Source

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