Norway’s wealth fund returns 4.7%

Norway’s €512bn sovereign wealth fund, the world’s largest, returned 4.7% last quarter as global stock markets recovered after central banks from the US to Japan stepped up efforts to stimulate growth.

The Government Pension Fund Global gained 167bn kroner (€22.7bn) in the period, Oslo-based Norges Bank Investment Management said yesterday.

That compares with a decline of 2.2% in the second quarter. Equity holdings returned 6.5% last quarter, while bonds gained 2.2%. Real estate investments returned 2.7%.