After a decline of 3.4% in the first half of the year, the third quarter was better for Norway’s Oil Fund. The return was 4.3%, corresponding to NOK 412 billion.
“The financial markets were still characterized by uncertainty related to the coronavirus. Nevertheless, the stock markets gave good returns in the quarter. In particular, the upturn was driven by American technology companies,” Oil Fund chief Nicolai Tangen said in a press release.
In the third quarter, the return on the fund’s equity investments was 5.7%.
The return on investments in unlisted real estate was 0.9%, while the return on fixed-income investments was 1.1%.
Total value: NOK 10,610 billion
The fund’s return was 3 basis points lower than the return on the benchmark index.
The krone exchange rate strengthened against several of the most important currencies in the third quarter, which contributed to reducing the fund’s value by NOK 97 billion.
During the quarter, NOK 105 billion was further withdrawn from the fund.
On September 30, the fund had a value of NOK 10,610 billion.
© NTB Scanpix / #Norway Today