Norwegian sovereign fund invests in Sri Lanka equities

Oct 31, 2015 (LBO) – Norway’s central bank, which manages the world’s biggest sovereign wealth fund, has started buying shares in Colombo listed companies.

Norges Bank has bought 7.5 million shares in knit fabric maker Textured Jersey Lanka, a media report said.

The fund started investing in Textured Jersey around September.

Norges Bank Investment Management has close to a trillion dollars invested in global assets, a fund built from the country’s oil revenues.

The fund is currently valued at 7.2 trillion Norwegian Kroner, or 835 billion dollars.

Out of the fund, 9.1 percent is invested in emerging markets such as China, Taiwan and India, an investment allocation down from 9.8 percent last year.

Norway’s Government Pension Fund Global tops a ranking of 53 sovereign wealth funds in 37 countries, a ranking that includes funds such as California’s CalPERS and Dutch ABP, although often not classified as sovereign wealth funds.

The mandate from Norway’s Ministry of Finance requires the fund to invest 60 percent of its capital in equities, 35-40 percent in fixed-income securities and up to 5 percent in real estate.

The quarterly report of the pension fund can be viewed here