World’s Biggest Piggy Bank Grows by $285 Million a Day
- Fund has been ordered to boost stock holdings to 70%
- Fund returned $26 billion in second quarter on stocks rally
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As many investors question a global stock-market rally that’s now in its eighth year, the world’s biggest wealth fund is prepared to splurge.
Norway’s $970 billion wealth fund has been ordered to raise its stock holdings to 70 percent from 60 percent in an effort to boost returns and safeguard the country’s oil riches for future generations. Any short-term view on growing risks will play little part, according to Trond Grande, the fund’s deputy chief executive.