The Sovereign Wealth Fund returned ‘a moderate’ NOK 78bn (1.7%) in the first quarter of 2014, according to a statement.
Fixed-income investments returned 2 per cent and equity investments 1.5 per cent, say Norges Bank Investment Management.
The return on these investments was just 0.01 per cent higher than the return on benchmark indices, whilst investments in real estate returned 2 per cent.
"All asset classes contributed positively to the result, and there were only minor differences between them. The return was boosted by lower interest rates in the fund’s main markets,” said NBIM managing director Yngve Slyngstad.
The Norwegian krone was strengthened against many of main currencies during the quarter. This decreased the SWF’s value by NOK 47bn.
The government transferred new capital of NOK 41bn.
At the end of the quarter, the SWF’s market value of NOK 5,110bn was invested in equities (61.1 per cent) fixed income (37.7 per cent) and the percentage in real estate was 1.2.