Norway's sovereign wealth fund, the world's largest, gained 17 billion kroner ($2.9 billion) in the second quarter as stock investments and real estate increased.
The $760 billion Government Pension Fund-Global, Oslo, returned 0.1% in the second quarter, according to a statement Friday. That compares with a 5.4% gain in the first quarter. Stocks rose 0.9%, while bond investments dropped 1.4%. Real estate investments rose 3.9%.
“Equity returns were boosted by a strong market in the U.S. and Japan, while emerging markets pulled in the other direction,” said Yngve Slyngstad, the fund's CEO, in the statement. “Fixed-income returns were undermined by rising global yields.”
Europe's biggest equity investor, which gets its guidelines from the government, held 63.4% in stocks in the period, while bond holdings slid a percentage point to 35.7%, and real estate comprised 0.9%.