Norway Government Pension … Norway's central bank, also known as Norges Bank, said in its half-year report the year began "optimistically," due in part to expectations of healthy growth in the real economy. The fund’s formal name is the Government Pension Fund Global. Norway's huge pension fund — the largest sovereign wealth fund in the world — reported negative returns for the first half of the year on Tuesday, citing "major fluctuations" in equity markets. “Norfund has been exposed to a serious case of fraud through an advanced data breach,” the group … Norway's trillion-dollar sovereign wealth fund plans to dump 134 oil and gas stocks from its benchmark index, the finance ministry announced on Friday. Norway sovereign wealth fund chief diagnosed with COVID-19 Back to video He added that a number of his colleagues at the fund, which has its offices in central Oslo, had been quarantined as a result of his positive COVID-19 test, taken on Wednesday, and that he was not sure how he caught the virus. The country has the biggest sovereign wealth fund in the world. Its equity investments fell -6.8% and its real estate returned -1.6% over the first half, although its fixed-income investments rose by 5.1%. The head of Norway’s $1.2 trillion sovereign-wealth fund, Nicolai Tangen, has tested positive for Covid-19, he said in a social-media post today. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. All Rights Reserved. Quotes delayed at least 15 minutes. The withdrawal from the country's rainy-day fund is more than four times the size of its last record withdrawal A Division of NBCUniversal. Norway’s sovereign wealth fund is a fairytale of global finance. As of July 2020. China Investment Corporation—China. In 1990, the Norwegian parliament passed legislation to support this, creating what is now the Government Pension Fund Global, and the first money was deposited in the fund in 1996. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. Market data provided by Interactive Data. The Norwegian Investment Fund, the sovereign wealth fund of Norway, has lost over $10 million after falling victim to a sophisticated Business Email Compromise, or BEC scam, the group has admitted. The wealth fund, a unit of the central bank, is formally known as Norges Bank Investment Management. Rank Profile Total Assets Type Region; 1. To date, more than 21.8 million people have contracted Covid-19, with 774,160 related deaths across the globe, according to data compiled by Johns Hopkins University. All rights reserved. Current Assets for Norway GPFG is $1,122,110,000,000 and SWFI has 83 periods of historical assets, 21 subsidiaries, 10,766 transactions, 56 Opportunities/RFPs, 191 personal contacts … It had 69.6% invested in equities, 27.6% in fixed income and 2.8% in unlisted real estate. Data is a real-time snapshot *Data is delayed at least 15 minutes. Yes, 1 followed by 12 zeros. What the 'Predictably Irrational' author says not to do when the stock market tanks, The three types of investors in extremely volatile markets. The fund, which saves revenue from the oil and gas industry, is worth roughly three times Norway's annual gross domestic product and is pivotal to the Nordic country's finances. The fund's total market value at the end of the six months was 10.4 trillion kroner, with 69.6% invested in equities, 27.6% in fixed income and 2.8% in unlisted real estate. According to the Sovereign Wealth Fund Institute, Norway has the largest wealth fund in the world, when ranked by total assets, followed by the China Investment Corporation and Abu Dhabi Investment Authority. The 2019 allocation of Norway's sovereign wealth fund in equities. Norwegian Central Bank Deputy Governor, Overseeing World’s Biggest Sovereign Wealth Fund, Forced To Quit After He Failed Security Clearance Over Chinese Wife by Swarajya Staff - Dec 6, 2020 12:54 PM william87 via Getty Images The neighborhood of Bjorvika in Oslo, Norway. Offers may be subject to change without notice. Most … S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. THE NORWEGIAN GOVERNMENT PENSION FUND GLOBAL: Norges Bank Investment Management (Norway GPFG) is a Sovereign Wealth Fund located in Oslo Norway, Europe, and was founded in 1990. All Rights Reserved. Norway plans to tighten restrictions on coal investments for its $1 trillion sovereign wealth fund while opening it up for renewable-energy infrastructure assets. Sign up for free newsletters and get more CNBC delivered to your inbox. © 2020 CNBC LLC. A sovereign wealth fund (SWF) is a state-owned investment fund or entity which comprises of pools of money derived from a country’s reserves. "There were major fluctuations in the equity market in this period. “Had the revenues from North Sea oil been invested in a sovereign wealth fund in the 1980s, as happened in Norway, such a fund would have been worth over £500 billion today,” it stated. Norway has amassed a $1 trillion sovereign wealth fund from decades of petroleum production that gives it tremendous fiscal fire power. Got a confidential news tip? Norwegian flag in front of the city hall building in Oslo. “Today I tested positive for Covid-19," Tangen wrote on Linkedin. Get this delivered to your inbox, and more info about our products and services. Set up in 2007 with $200 billion in capital … "The year started with optimism, but the outlook of the equity market quickly turned when the Corona virus started to spread globally," Deputy CEO of Norges Bank Investment Management Trond Grande said in a statement. We want to hear from you. © 2020 Fortune Media IP Limited. The year started with optimism, but the outlook of the equity market quickly turned when the Corona virus started to spread globally," Deputy CEO of Norges Bank Investment Management Trond Grande said in a statement. About the fund The aim of the oil fund is to ensure responsible and long-term management of revenue from Norway’s oil and gas resources in the North Sea so that this wealth benefits both current and future generations. The fund's total market value at the end of the six months was 10.4 trillion kroner. Reserves are funds set aside for investment to benefit the country’s economy and its citizens. Terms & Conditions. Correction: The text of this article has been updated to reflect that the total market value of Norway's pension fund is 10.4 trillion kroner. "I took a test yesterday afternoon after feeling a bit under the weather, but my symptoms are … Conversely, tech stocks were the period's best performers with a positive return of 14.2%. As the name suggests, it was decided that the fund should only be invested abroad. In addition to setting monetary policy, Nicolaisen had been in charge of overseeing Norway's $1.2 trillion sovereign wealth fund, the world's largest. 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