Norway’s $660 billion sovereign wealth fund, the world’s largest, returned 4.7 percent last quarter as global stock markets recovered after central banks from the U.S. to Japan stepped up efforts to stimulate growth.
The Government Pension Fund Global gained 167 billion kroner ($29.3 billion) in the period, Oslo-based Norges Bank Investment Management said in a statement published today. That compares with a decline of 2.2 percent in the second quarter. Equity holdings returned 6.5 percent in the third quarter, while bonds gained 2.2 percent. Real estate investments returned 2.7 percent.
“The result was largely driven by a rally in global stock markets,” Yngve Slyngstad, chief executive officer of NBIM, which manages the fund, said in a statement. “Stocks gained the most in Europe, where the fund has about half of its shareholdings.”