Norway's sovereign wealth fund is now worth a trillion US dollars

Yngve Slyngstad, Chief Executive Officer of Norges Bank Investment Management. Photo: Solum, Stian Lysberg/AFP/Getty Images

The sovereign wealth fund of Norway, officially known as the Government Pension Fund of Norway, is the largest in the world.

It allocates the country’s vast oil wealth into bonds, stocks, and to a growing extent, property. It is known to be able to move entire asset markets by its investment decisions.

Yesterday, the fund’s total value surpassed one trillion US dollars for the first time.

“On Tuesday 19 September 2017 at 02:01 CET, the fund value hit $1,000,000,000,000, or 1 trillion dollar, for the first time,” the fund said in a press release.

“Reaching 1 trillion dollars is a milestone, and the growth in the fund’s market value has been stunning,” said Yngve Slyngstad, Chief Executive of Norges Bank Investment Management, the central bank arm that manages the fund.

Created on the back of the country’s vast oil wealth to provide its citizens with pensions, Norway’s sovereign wealth fund today owns around 1.3 per cent of the world’s entire listed equity. Among its largest holdings are corporates including Alphabet, Facebook and Roche.

This post first appeared on Business Insider Nordics. See the original article. Copyright 2017.

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