Norway’s sovereign wealth fund, Europe’s biggest equity investor, lost 633 billion kroner, or $91 billion, on investments last year, posting its weakest return in its 10-year history at negative 23.3 percent. The value of the Government Pension Fund-Global still grew to 2.275 trillion kroner in the fourth quarter from 2.120 trillion at the end of the third quarter, due to new inflows from oil and natural gas sales and currency adjustments. Nearly 50 percent of the fund was allocated to stocks at the end of 2008, down from about 53 percent at the end of the third quarter. The fund is slowly seeking to boost the equity portion of its total holdings to 60 percent.
Heral Tribune
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