| Norway's $600 billion sovereign wealth fund cut its exposure to the struggling euro zone further in the second quarter and aims to pick up more emerging market assets, particularly bonds, in the months ahead, it said. Seeking a balanced approach to risk in an uncertain economic environment, it also said it would continue to invest in top-rated sovereign debt yielding negative interest rates rather than hold excessive amounts of cash.
The fund, one of the world's biggest investors, has been gradually pulling out of euro zone assets, especially those on the bloc's periphery, and aims to cut Europe's weight in its portfolio permanently as the region's recovery continues to stall. "A larger portion will be invested in emerging markets, particularly in fixed income," Yngve Slyngstad, the fund's chief executive,said...............................................Full Article: Source
|