Stocks were the fund’s worst investment in the first half, losing almost 7% overall, with oil and gas stocks slumping 33.1%
Trond Grande, deputy CEO of Norges Bank Investment Management, at a news conference in Oslo, Norway, on Tuesday, August 18, 2020. Picture: BLOOMBERG/ODIN JAEGER
The Oslo-based fund fell 3.4%, or 188-billion kroner , over the period, it said on Tuesday. More details were due to be presented at a press conference set to start at 10am local time. Grande will be standing in for Yngve Slyngstad for Tuesday’s presentation, as the outgoing CEO skips what would have been his final set of results after 12 years at the helm of the giant sovereign investor.It’s been a tumultuous period for the $1.2-trillion fund. In addition to the market chaos that’s played havoc with returns this year, the investor has been dragged into a political debacle over the appointment of its new CEO, hedge-fund manager Nicolai Tangen.
Whoever runs the fund, which was set up in the 1990s to invest Norway’s oil income into foreign securities, will likely have to embark on historic asset sales this year to cover the government’s need for stimulus cash. Withdrawals reached a record 167-billion kroner, or $19bn, in the first half, the fund said on Tuesday.Stocks were the fund’s worst investment in the first half, losing almost 7% overall. Unlisted real estate also fell while fixed-income holdings rose.
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