16.03.2015 - Norway's $860 bln oil fund underperforms in 2014 on big Europe exposure
Norway's $860 billion sovereign wealth fund, the world's biggest, underperformed its benchmarks in 2014 because of its big exposure to Europe and the relatively short duration of its fixed income portfolio, it said on Friday. The fund, one of the world's biggest investors, returned 7.9 percent last year but this was 0.8 percentage point below its benchmark with Europe's poor growth and rising geopolitical tensions weighing on returns, the fund said. "This (weaker return) can be explained by a higher weight of European stocks and the shorter duration of the fund's fixed income investments compared with the benchmark," the fund said in a statement...............................................Full Article: Source
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