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Norway Wealth Fund Gains $53 Billion in 2016 On Trump Rally

Tuesday, February 28, 2017 16:11
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(Before It's News)

zerohedge.com / by Tyler Durden / Feb 28, 2017 11:22 AM

After previously announcing plans to withdraw at least $15 billion to fund 2017 budget deficits, the $860 billion Norwegian sovereign wealth fund announced last December that it would change it’s portfolio allocations to try to make up for the withdrawals.  The change would eventually result in 75% of the fund’s capital being allocated to global equities, up from the previous 60% allocation…you know, because equities never go down so more is always better.

Now it seems that, at least for now, that bet has paid off to the tune of about $53 billion or 6.9% of the fund’s AUM.  Meanwhile, the fund’s CEO, Yngve Slyngstad, attributed the gain to the Trump rally saying that “after the presidential election in the U.S., markets priced in higher growth and inflation in the global economy.”  Per Bloomberg:

The $900 billion Government Pension Fund Global returned 6.9 percent in 2016, after rising 2.7 percent the previous year, the Oslo-based investor said on Tuesday. Stocks gained 8.7 percent, bonds rose 4.3 percent, and real estate investment grew 0.8 percent.

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The post Norway Wealth Fund Gains $53 Billion in 2016 On Trump Rally appeared first on Silver For The People.



Source: http://silveristhenew.com/2017/02/28/norway-wealth-fund-gains-53-billion-in-2016-on-trump-rally/

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