NORWAY - The government pension fund Global has awarded four new equity mandates and a fixed income mandate as assets under management grew to NOK1484bn (e189.6bn) at the end of the first quarter.
Norges Bank Investment Management, which manages the majority of the fund, said Jupiter Asset Management and Tradewinds NWQ Global Investors were awarded sector briefs, while Intrinsic Value Investors and Dalton Capital were awarded regional mandates. Delaware Investment Advisors won a specialist fixed income mandate for the US.
NBIM said it would only announce the value of the mandates in its year-end results.
Global’s overall return in Q1 was 2.2% or NOK 85bn, largely aided by its equity portfolio, which returned over 7%. The fixed income portfolio generated a return of negative 1.13%.
NBIM said the overall increase in market value was achieved through NOK 82bn worth of new capital and a NOK31.6bn return in international currency, although a stronger local currency in relation to investment currencies decreased the value by NOK29bn.
The actual return was 0.2 percentage points higher than the return on the benchmark portfolio defined by the ministry of finance.
At the end of Q1, 21% of the fund was managed by external managers, the majority of whom are focused on active management. Internally, management centres on enhanced indexing.
NBIM also announced the return on the NOK13.8bn Government Petroleum Insurance Fund was -0.71%. The fund is only invested in fixed income securities.
By Damian Clarkson
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