Norway’s $1tn oil fund rebounds to third best quarterly returns | Financial Times

Norway’s $1tn oil fund rebounds to third best quarterly returns | Financial Times:

Norway’s $1.1tn oil fund recorded the third best quarter in its 23-year history as the world’s largest sovereign wealth investor rebounded from a difficult end to last year. 

The oil fund returned 9.1 per cent in the first quarter — behind the second and third quarters of 2009 — while in krone terms it was the investor’s largest ever increase with NKr738bn ($84bn).

Apple, Microsoft and Amazon made the biggest positive contributions to the fund’s equity performance with technology companies the best performing sector. Equities, which the fund is boosting to 70 per cent of its portfolio, returned 12.2 per cent.