The 2.76 trillion Norwegian kroner ($450 billion) Government Pension Fund-Global, Oslo, returned 3.9% on investments in the first quarter, Norges Bank Investment Management, which runs the fund's assets, reported Friday.
Equity investments rose 4.9%, while bonds rose 2.1%; performance is measured using a basket of international currencies.
The fund topped its custom benchmark by 40 basis points in the quarter, with about 80% of the outperformance coming from bond investments.
Separately, Karsten Kallevig was named head of real estate at NBIM, effective Sept. 1. Mr. Kallevig is a partner at Grove International Partners and head of its Tokyo office. A call to Grove wasn't immediately returned.
Also, the Norwegian fund will open an office in Singapore within the next month. “Asia is of increasing importance to NBIM,” Yngve Slyngstad, NBIM CEO said in a news release. “The next step into Singapore will further strengthen our operations in this region.”