Norway Wealth Fund Turns ‘Cautious’ on Stocks After Trump Rally
- Fund CEO says more comfortable when markets are ‘stressed’
- Fund’s stock holdings rose to almost 65% of portfolio in 1Q
The city center skyline stands illuminated at night, seen from the Ekeberg hill, in Oslo.
Photographer: Tomm W. Christiansen/BloombergThis article is for subscribers only.
Norway’s $915 billion wealth fund is now turning “cautious” on global stock markets after reaping the benefits of a global rally over the past two quarters fueled by rising economic optimism.
“We’re cautious in the current market circumstances and we’ve had a very nice run in our equity returns since last summer,” Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, said in an interview after a press conference in Oslo. “We always have the view that we feel more comfortable when markets are stressed than when markets are buoyant.”