Norway’s Sovereign Wealth Fund Grew by $37 Billion in First Quarter

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bank vaultBy Joao Peixe, oilprice.com | Sun, 28 April 2013

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Norway’s $728 billion Government Pension Fund Global, the largest sovereign wealth fund in the world, grew by 219 billion kroner ($37 billion) during the first quarter of 2013, due to unprecedented stimulus from central banks trying to boost economic growth.

The fun, which generates money from taxes on oil and gas, ownership of petroleum fields, and the government’s 67% stake in Statoil ASA, experienced returns of 5.4 percent over the first three months of the year, with stocks returning 8.3 percent, and bond investments climbing 1.1 percent.

Yngve Slyngstad, the Chief Executive Officer of Norges Bank Investment Management, said that “the…

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