The Oil Fund had a return of NOK 1,692 billion in 2019

MoneyIllustration. Money.Photo: pixabay.com

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In 2019, the Government Pension Fund Global, or the ‘Oil Fund’ , received a return of 19.9 per cent. This is equivalent to NOK 1,692 billion.

It is the highest return in a single year in the fund’s history, and the second best return in percentage terms.

– 2019 has been a very good year for the fund. The market value of the fund increased by NOK 1,832 billion to NOK 10,088 billion at the end of the year. This is the largest increase in value in a single year in the fund’s history, says Øystein Olsen, chairman of the board of Norges Bank.

The return on the fund’s equity investments was 26 per cent, while investments in unlisted real estate saw a return of 6.8 per cent. Interest rate investments returned 7.6 per cent.

The fund’s total return was 0.23 percentage points higher than the benchmark return.

– 2019 has been a historically good year, driven by positive stock returns in all of the fund’s main markets and in all equity sectors, says the Oil Fund manager Yngve Slyngstad.

On December 31, 2019, the oil fund totalled NOK 10.088 billion.

© NTB Scanpix / #Norway Today

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