Return of 1.1 per cent on the Petroleum Fund in the second quarter
The return on the Government Petroleum Fund in the second quarter of 2001 was 1.1 per cent, measured by the currency basket corresponding to the composition of the Fund’s benchmark portfolio. The upswing in equity markets contributed positively, while a negative return on fixed income investments detracted from the result. The return on the equity portfolio was 3.2 per cent, and on the fixed income portfolio –0.3 per cent.
Measured in NOK, the second quarter return on the Petroleum Fund was 2.0 per cent. The higher return in NOK is due to the depreciation of the krone against the currencies in the benchmark portfolio. However, it is the return measured against this currency basket that best expresses the Fund's international purchasing power, so that it is most appropriate to use this figure for measuring the return.
The return on the Petroleum Fund’s ordinary portfolio in the second quarter of 2001 was 0.14 percentage point higher than the return on the benchmark portfolio defined by the Ministry of Finance.
The Environmental Portfolio, which was established in January with a market value of NOK 1 billion, had a second quarter return of 3.0 per cent.
NOK 30 billion was transferred to the Petroleum Fund on 31 May, and a further NOK 60 billion on 29 June, bringing the market value of the combined portfolio to NOK 522.8 billion at the end of the second quarter.
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