Norway sovereign fund ups exposure to Indian stocks, debt
Norway's sovereign wealth fund,the largest across the world, increased its exposure to Indian stocks by 38 per cent to USD 2.57 billion in 2012, while its holdings of Indian debt securities have also risen manifold.
The Government Pension Fund Global of Norway, which manages assets worth over USD 700 billion and is ranked as the world's largest sovereign wealth fund, has close to 120companies in its equity investment portfolio and these include giants like RIL, Infosys, SBI and TCS.
While the total number of Indian stocks in its portfolio has remained unchanged, the aggregate exposure to them rose to USD 2.57 billion at the end of 2012, from USD1.8 billion a year ago, the Fund said in its annual portfolio report.
In the debt market portfolio, the Norwegian fund ramped up its exposure to Indian debt securities floated by the Government of India, Indian Oil Corp and State Bank of India to over USD 1 billion in 2012, from just about USD 150 million at the end of 2011.
Globally, its largest bond holdings are in US Treasuries, followed by Japanese and German government bonds.Of its USD 713 billion assets, the fund holds over 61 percent in stocks, 38 per cent in bonds and less than one percent in the real estate.
Norway had set up this fund in 1990 as a fiscal policy tool to support long-term management of the government's petroleum revenue. Norway regularly transfers its petroleum revenue to the fund, which makes further investments in international equity and fixed-income markets and real
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