OSLO - Norway’s sovereign wealth fund, the world’s largest, will streamline its $300 billion fixed-income portfolio by cutting emerging market bonds from the benchmark index it tracks, the Finance Ministry said on Friday.
These are issued by Chile , the Czech Republic , Hungary , Israel , Malaysia , Mexico , Poland , Russia , South Korea and Thailand , the ministry said in a statement listing the countries, with the amounts taken from fund data. The Norwegian wealth fund, currently worth $1.05 trillion, invests around 30 percent of its assets in fixed income. The 70 percent invested in equities was not affected by the decision.
The proposals must be agreed by parliament, but as the Norwegian government holds a majority, the white paper is expected to be passed in June.The fund’s present mandate for renewable investments will double in value to 120 billion crowns , the ministry said, allowing investment in unlisted renewable infrastructure projects, such as wind or solar farms - something long demanded by environmental groups.
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