AppId is over the quota
AppId is over the quota
OSLO | Fri Oct 28, 2011 9:37am BST
OSLO (Reuters) - Norway's sovereign wealth fund experienced its second-weakest quarter in its history as Europe's debt crisis and a fear of a worldwide recession weighed on stocks in the third quarter, Europe's biggest equity investor said on Friday.
The fund's return on investment was -8.8 percent in the quarter, against 0.3 percent growth in the previous quarter.
The value of the central bank-run fund stood at 3.055 trillion Norwegian crowns at the end of the third quarter, down from 3.111 trillion at the end of the second quarter.
On Friday, the fund was worth 3.09 trillion, according to its website.
The return was 0.3 percentage points below the fund's benchmark portfolio. Some 55.6 percent of the fund was allocated in stocks versus 60.5 percent at the end of the second quarter.
It was the second-weakest quarter in the fund's history, the fund said in its quarterly report.
"Europe's debt crisis and fears of a global economic slowdown weighed on stocks in the quarter," said Yngve Slyngstad, chief executive of Norges Bank Investment Management.
Commonly known as the "oil fund", the central bank-run fund invests the Norwegian state's tax revenues from oil and gas activities abroad to save for future generations.
The fund is one of the world's largest sovereign wealth funds.
(Reporting by Oslo newsroom)
0 komentar:
Posting Komentar