| Norway's Government Pension Fund lost NOK 29.6bn (€2.95bn) in 2008, a massive drop attributed to the equities, according to figures from Folketrygdfondet. The asset manager is a state-owned company, and is solely responsible for the domestic pension fund which invests only in Nordic countries. It has confirmed in its annual report for 2008 that the scheme had dropped by NOK 25.2bn, from NOK 113bn in 2007, to NOK 87.8bn at the end of 2008.
The pension fund returned -25.1 per cent overall, with positive returns coming from fixed income in Norway (8.48 per cent yield) and in other Nordic countries (23.49 per cent). The fund has a target allocation of 60 per cent in equities, and in 2008 44.5 per cent of the fund was invested in Norwegian equities, returning -49.2 per cent...............................................Full Article: Source |