The world's largest wealth fund bought $22 billion of stocks during 2018 rout
The world's biggest sovereign wealth fund went on a stock buying spree during the market turmoil at the end of 2018. Norges Bank, which manages Norway's $1 trillion oil-funded wealth pot, said it bought 185 billion crowns worth of equities, with the bulk of purchases coming in November and December. The U.S. stock market had its worst December since the Great Depression as investors feared trade tensions with China and rate hikes by the Federal Reserve.
"The only other time was a slight decline in 2002." The bank said the fund's market value was $967 million at 31 December 2018. On the same day, 66.3 percent was invested in equities, 3 percent in unlisted real estate and 30.7 percent in fixed income. In 2017, Norges Bank said it intended to raise its equity allocation over time to 70 percent. During 2018, equity investments for the fund returned a loss of 9.5 percent, while unlisted real estate investments gained 7.
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