A weaker-than-anticipated development in the world economy weighed on stock markets in the second quarter,” says Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM), which manages the fund. “There was also increased uncertainty about the repercussions of the European sovereign debt crisis.”
Equity investments returned -4.6 percent and fixed-income investments returned 1.5 percent. The return on these investments was 0.2 percentage point lower than the return on the fund’s benchmark indices. Investments in real estate returned 0.3 percent.
The fund held 59.6 percent in equities, 40.1 percent in fixed income and 0.3 percent in real estate at the end of the quarter.