Record-high return for Norway oil wealth fund
Norway’s vast fund for oil wealth, the Government Pension Fund – Global, had a 12.7 percent or 270 billion NOK return in the second quarter – the best quarterly result ever.
- The positive development in the second quarter has continued into the third quarter. Since the markets turned in March and up until today, the value of the fund has increased by more than 600 billion NOK, says CEO of Norges Bank Investment Management (NBIM) Yngve Slyngstad in a press release.
Worth over 277 billion EUR, the Norwegian pension fund is one of the world’s largest retirement funds. It is not actually a pension fund as it derives its financial backing from oil profits and not pension contributions.
The fund is governed with strict ethical guidelines. Its active ownership strategy was revised in the second quarter and water resource management was introduced as a new focus area. The quarter also brought an important breakthrough in industry cooperation to combat child labor, the press release reads.
