Norway Fund Says Emerging Market Slump Curbed Returns
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Norway’s sovereign wealth fund, the world’s largest, said a slump in emerging markets held back returns in the second quarter amid concern over a slowdown in the Chinese economy.
The fund lost 5.9 percent on its stock investments in emerging markets in the second quarter, in part because of speculation of weaker growth in China, the investor said. In total, the $760 billion fund rose 0.1 percent, or 17 billion kroner ($2.9 billion), in the period, helped by U.S. and Japanese stocks. Stocks rose 0.9 percent, while bond investments dropped 1.4 percent. Real estate investments rose 3.9 percent.