AppId is over the quota
AppId is over the quota
By Victoria Klesty
OSLO | Fri Oct 28, 2011 9:51am BST
OSLO (Reuters) - Norway's sovereign wealth fund battled through the second worst quarter in its history in the three months to September as Europe's debt crisis and a fear of a worldwide recession hit share prices, Europe's biggest equity investor said on Friday.
The fund said in its quarterly report its return on investment was -8.8 percent 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 September, down from 3.111 trillion crowns at the end of June. On Friday it was worth 3.09 trillion, according to its website.
The return was 0.3 percentage points below the fund's benchmark portfolio, which a neutral weighting against all the markets the fund is allowed to invest in. Some 55.6 percent of the fund was allocated to stocks versus 60.5 percent at the end of the second quarter.
"Europe's debt crisis and fears of a global economic slowdown weighed on stocks in the quarter," said Yngve Slyngstad, chief executive of the fund's manager, Norges Bank Investment Management.
"Most of the fund's new capital was placed into equities to exploit the declines and take advantage of our long-term perspective."
Government bonds led gains in the fund's fixed-income investments, returning seven percent, the fund said.
Commonly known as the oil fund, it invests the Norwegian state's tax revenues from oil and gas activities abroad to save for future generations, and is one of the world's largest sovereign wealth funds.
The best performing stocks were Apple (AAPL.O), Vodafone VODL.L and IBM (IBM.N), while the worst were BNP Paribas (BNPP.PA), Siemens (SIEM.NS) and Daimler (DAIGn.DE).
(Writing by Gwladys Fouche; Editing by John Stonestreet)
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