Bloomberg: Norway’s $1 trillion SWF gains $84b in first quarter

Norway’s $1 trillion sovereign wealth fund gained $84 billion in the first quarter, or $16,000 per citizen, after it took advantage of a market sell-off in late 2018 to build its massive portfolio, reported Bloomberg.

The fund’s CEO, Yngve Slyngstad, said it was an “exceptional” quarter with the third-highest quarterly return on record and the highest ever in terms of kroner, the Norwegian currency.

Norway’s Government Pension Plan Global earlier this year announced it would scale back its real estate push as a way of cutting costs and simplifying its approach after struggling to find properties to buy amid near record prices.

But, Slyngstad said, as long as real estate can deliver a real return above 3 percent, it will continue to be an “important investment area.”