Norway Wealth Fund Cuts Saudi Stocks During Benchmark Review - Bloomberg:
Norway’s $1.1 trillion sovereign wealth fund reduced holdings of Saudi Arabian equities by about 60% last year as it reviews an internal benchmark that guides its global stock purchases.
The fund’s total investment in shares traded in Riyadh fell to $420 million by the end of 2019, from about $1 billion the year before, according to data from Norges Bank Investment Management, which manages the fund. In contrast, holdings increased in other markets in the region including the United Arab Emirates, Egypt, Qatar, Kuwait, Turkey and Israel.
The Norwegian fund sold more than two-thirds of its Saudi equities last year, although the value of its holdings fell by less than that because of positive market returns, Chief Executive Officer Yngve Slyngstad said as he presented the fund’s annual report last week.
Norway’s $1.1 trillion sovereign wealth fund reduced holdings of Saudi Arabian equities by about 60% last year as it reviews an internal benchmark that guides its global stock purchases.
The fund’s total investment in shares traded in Riyadh fell to $420 million by the end of 2019, from about $1 billion the year before, according to data from Norges Bank Investment Management, which manages the fund. In contrast, holdings increased in other markets in the region including the United Arab Emirates, Egypt, Qatar, Kuwait, Turkey and Israel.
The Norwegian fund sold more than two-thirds of its Saudi equities last year, although the value of its holdings fell by less than that because of positive market returns, Chief Executive Officer Yngve Slyngstad said as he presented the fund’s annual report last week.
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