World’s Largest Sovereign Wealth Fund Ups Malaysia-Listed Equity Investments

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Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund with a market value of  about NOK10 trillion (around RM4.103 trillion) registered a 33.19% increase in its Malaysia-listed equity investments at NOK18.1 billion in 2019 from NOK 13.59 billion a year earlier,  according to latest updates by the Norwegian central bank’s  asset management unit.

Norges Bank Investment Management is the asset management unit of Norwegian central bank Norges Bank. Norges Bank Investment Management said on its website that it manages the Government Pension Fund Global, often referred to as the Norwegian oil fund.

In US dollar terms, Norges Bank Investment Management said the Government Pension Fund Global’s Malaysia-listed equity investments rose to US$2.06 billion in 2019 from US$1.57 billion a year earlier.

According to Norges Bank Investment Management, the Government Pension Fund Global had in 2019 invested in 146 Malaysia-listed companies compared to 152 a year earlier.

The 2019 list included AirAsia Group Bhd, Bumi Armada Bhd, Bursa Malaysia Bhd, Malayan Banking Bhd, Petronas Gas Bhd and Top Glove Corp Bhd.

Among them, Norges Bank Investment Management said the Government Pension Fund Global owned 0.42% in  AirAsia Group and 0.89% in Bursa Malaysia.

“(Globally) The equity investments consists of ownership shares in more than 9,000 companies world wide. On average the fund owns 1.5 percent of all listed companies.

“Norges Bank Investment Management aims to get the highest possible return on the fund within the investment mandate set by the Ministry of Finance. We seek to safeguard the long-term financial interests of Norway’s future generations through active management and active ownership,” Norges Bank Investment Management said.

Besides equities, Norges Bank Investment Management said the Government Pension Fund Global also invests in global real estate and fixed-income assets.

“Although revenue from oil and gas production is transferred to the fund, these deposits account for less than half the value of the fund. Most of it has been earned by investing in equities, fixed income and real estate,” it said.


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