Fund manager Yngve Slyngstad said on Tuesday that he still expects further market fluctuations in the future.
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The fund’s assets now amount to approximately 10.2 trillion Norwegian kroner (CZK 25.3 trillion), which is CZK 4.7 million per person in Norway. Last year, the fund reported a record profit of $ 180 billion thanks to the growth of global stock markets.
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The fund, whose full name is Statens pensjonsfond Utland, a state pension fund that invests globally, earns Norwegian residents income from the sale of oil for retirement. At the same time, it invests in companies from all over the world.
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“Although stock markets recovered in the second quarter, we still face considerable uncertainty,” the deputy chief of Trond Grande, quoted by Reuters, said.
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The fund holds stakes in approximately 9,200 companies worldwide. It manages about 1.5 percent of all shares traded on world stock exchanges. But it also invests in bonds and real estate.
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In the past half of the year, the Norwegian government withdrew 167 billion Norwegian kroner from the fund to support the domestic economy affected by the pandemic.
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Last year, the fund experienced the second best year in history, recording a return of 20 percent. The fund earned the most in 2009, when it returned 26 percent of its investments, mainly due to returns on shares of Apple, Microsoft and Nestlé.
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Norway, which has become rich in oil production in the past, has recently been trying to invest as ethically and responsibly as possible in relation to the environment.
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For this reason, the Norwegian fund recently excluded shares from coal trading companies from its portfolio. Among other things, it was also the semi-state Czech energy giant ČEZ.
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The foundations of the fund were laid by the Norwegian parliament in 1990, and the first money was raised by the investment fund in 1996. The aim of the fund is to ensure that Norway has enough money even at the end of the fossil fuel era. The money raised from the sale of oil is invested exclusively by the fund outside Norway in order not to overheat the Norwegian economy.
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