Norway's Government Pension Fund Global, Oslo, returned 0.13% on its investments in the quarter ended June 30, as rising bond prices offset falling returns on stocks, the fund reported Friday.
Total assets were 3.1 trillion Norwegian kroner ($562 billion), up 9 billion kroner, or 0.29%, from March 31.
Investment returns accounted for 4 billion kroner, while inflows from the state's sale of petroleum totaling 53 billion kroner were nearly offset by negative currency movements of 48 billion kroner.
The fund's equity portfolio fell 0.7% in the quarter, 10 basis points behind the fund's custom equity benchmark, as signs of weaker economic growth in the U.S. and Europe combined with contagion fears from the European sovereign debt crisis to push stock prices lower. Equities returned 2.9% during the previous quarter.
Fixed-income assets rose 1.8%, topping the fund's custom bond benchmark by one basis point. A move into U.S., U.K., Japan and other safe-haven bonds drove down yields. Bond investments returned 0.7% the previous quarter.