Norway $1.8 Trillion Fund Trails Benchmark With 4.4% Return
- Deputy CEO cites broad-based gains on lower interest rates
- The fund is the world’s single biggest owner of listed stocks
Norges Bank Investment Management Deputy CEO Trond Grande.
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Norway’s $1.8 trillion sovereign wealth fund returned 4.4%, or $76.4 billion, in the third quarter after broad equity gains on declining interest rates.
Norges Bank Investment Management, the world’s biggest single owner of listed companies, added 4.5% on stocks in the period and 4.2% on fixed-income investments, according to a statement Tuesday. The fund’s total return was 0.1 percentage points lower than that of the benchmark against which it measures itself, reflecting underperformance by both internal and external equity managers during the quarter, Deputy Chief Executive Officer Trond Grande said in an interview.