Norway’s mega-fund fluffs move away from crude, says gfhay:
Norway's trillion-dollar sovereign wealth fund will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan for the Government Pension Fund Global published on March 8.
The state, which has built up its wealth on the back of North Sea oil and gas reserves, also has no plans to sell its direct stake in Norway's Equinor. Energy stocks represented 5.9 percent of the fund's equity investments at the end of 2018 and were worth about $37 billion, fund data showed. But much of that amount is invested in integrated firms rather than smaller, dedicated explorers and producers. The new plan will affect 134 companies with an aggregate market value of about 70 billion Norwegian crowns .
Parliament, which still needs to approve the proposal, is expected to the back the plan as the ruling centre-right coalition has a majority in the assembly.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hedge fund investors have moved towards 'ultra customization,' and it's changing how funds raise moneyA quarter of new money flowing into the hedge fund industry is going to customized products hedge fund managers make for a single investors, according to research from Jefferies.
Read more »
The assets of Norway’s sovereign-wealth fund fall below $1trnState-owned funds are diversifying their investments
Read more »
Norway fund to sell exploration, production firms, keep integrated energy stocksNorway's trillion-dollar sovereign wealth fund, the world's biggest, w...
Read more »
Norway sovereign-wealth fund aims to dump a swath of oil and gas stocksNorway’s Finance Ministry on Friday recommended that the country’s $1 trillion sovereign-wealth fund drop shares of energy companies that engage in exploration and production of oil and gas from its portfolio, a move that could potentially weigh on the energy sector.
Read more »
Buybacks and ETFs are moving the market as investors shy away from single stocksStocks are riding high, but recent gains have mostly come through buybacks and inflows into ETFs while individual stocks are shunned.
Read more »
Athletics: Teenager Ingebrigtsen wins again as Norway thriveNorway enjoyed a bumper night at the European Indoor Athletics Championships on ...
Read more »
Intercontinental conflict ends peacefully as Norway agrees Canada’s got the bigger mooseThe emissaries signed a “moosarandum of understanding,” though onlookers preferred the term “moose truce.”
Read more »
Inter-continental conflict ends peacefully as Norway agrees Canada’s got the bigger mooseAn intercontinental conflict ended peacefully Wednesday as Norway agreed: Canada’s got the bigger moose. One *could* call it.... a moose truce.
Read more »