Kommunal Landspensjonskasse, Oslo, recorded a 4.4% investment return for the six months ended June 30, driven by stock market returns.
For the six-month period ended June 30, 2020, the investment return was -0.5%, according to a quarterly update Tuesday. KLP's investment return was 2.9% for the second quarter of the year, vs. 1.5% for the first quarter of the year.
Assets grew 7% over the second quarter to 870.5 billion Norwegian kroner ($101.7 billion) and grew 10.8% vs. figures as of June 30, 2020.
Long-term and held-to-maturity bonds, which accounted for 28.3% of assets, gained 1.8% over the first half, equaling the 1.8% return for a 30.6% allocation in the same period 2020.
Equities, at a 28.1% allocation, returned 12.8% for the first half, vs. a -7% return for the same 2020 period's 21.4% exposure. A 16.5% allocation to short-term bonds lost 1%, vs. a 4% gain for the same exposure last year.
The rest of the assets are invested in lending strategies, real estate and other assets.
"We are delighted with the very good results, stable operations, and good returns on customer funds. Healthy returns in the stock market made a strong contribution to KLP's results for the first half-year," Sverre Thornes, group CEO, said in a news release accompanying the update.