Equity investments returned 1.3 percent, unlisted real estate 1.6 percent, and fixed-income investments 2.4 percent. The overall return on the fund was in line with the return on the benchmark index.

“Equity and fixed income investments had another quarter with positive returns,” says Yngve Slyngstad CEO of Norges Bank Investment Management. “We saw a particularly positive contribution from US Treasuries and North American stocks, which returned 4.6 and 2.9 percent respectively.”

The fund’s equity investments returned 1,001 billion kroner in the first three quarters of the year.

“The return on our equity investments has helped the fund’s market value to rise considerably,” says Slyngstad. “With a large part of the fund invested in equities, we must be prepared for large fluctuations in the fund’s market value.”

The krone depreciated against several of the main currencies during the quarter. Currency movements increased the value of the fund by 349 billion kroner. Outflows from the fund amounted to 5 billion kroner in the third quarter.

The fund had a market value of 9,742 billion kroner on 30 September 2019 and was invested 69.1 percent in equities, 2.8 percent in unlisted real estate and 28.2 percent in fixed income.

Quarterly report Government Pension Fund Global - 3Q 2019 (nbim.no)

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