Oslo (dpa) - Rising share prices in emerging markets helped boost Norway‘s government pension fund in the second quarter, the central bank said Wednesday.
The return for the world‘s largest sovereign wealth fund was 3.3 per cent, equalling a rise of 192 billion kroner (31 billion dollars).
"Equity markets rose in the second quarter, and emerging markets performed best," said Yngve Slyngstad, head of Norges Bank Investment Management.
The fund‘s stocks in emerging markets returned 7.4 per cent, driven by increases in India, Russia, Turkey and Brazil, the bank said. In comparison, developed markets returned 3.7 per cent.
The fund has, since 1996, invested income from the country‘s petroleum and gas sectors outside Norway for future expenditures, including pensions, and to avoid overheating the mainland economy.
The market value of the Norwegian Government Pension Fund - Global rose by 368 million kroner to 5.47 trillion kroner at the end of the quarter, the central bank said.
The fund placed 61.3 per cent of its investments in equities and owned shares in about 8,000 companies at the end of the quarter.
Strong performers in the fund‘s portfolio during the quarter included Apple and energy giant Royal Dutch Shell.
Bonds and fixed-income investments accounted for almost 38 per cent of investments, while roughly 1 per cent was in real estate.
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