What happens when a hedge fund star takes charge of the world’s biggest sovereign wealth fund, with $1.3 trillion to play with? The fund starts to act a little less like a massive index tracker, and a little more like an adventurous hedge fund. So far, the shifts are subtle. But how much risk could wind up being too much for the owner of about 1.5% of the world’s equities?
Norway’s sovereign fund, whose proper title is Norges Bank Investment Management, has just released its Strategy Plan for 2021-2022. Naturally the fingerprints of Nicolai Tangen, who took over as chief executive officer in September after a successful career running Ako Capital LLP, are all over it.
