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CEO of Norway’s oil fund unfazed by potential market correction

Last year’s buoyant stock markets helped deliver an investment return of over a trillion Norwegian kroner to Norway’s giant sovereign wealth fund, the Government Pension Fund Global (GPFG). But while many investors now say overbought equities might be set for a downwards correction, the GPFG’s top manager Yngve Slyngstad tells AMWatch that’s just the scenario that would help the fund.

Yngve Slyngstad, Chief Executive of Norway's giant oil fund. | Photo: NBIM

Since it was set up in 1990, Norway’s oil fund — the Government Pension Fund Global (GPFG) — has produced more than NOK 4 trillion (EUR 415 billion) in cumulative investment returns, and a quarter of that was made in the last year alone.

“One in four kroner of the return was generated in 2017, after a very strong year for the fund,” says Yngve Slyngstad, chief executive of the fund’s manager, Norges Bank Investment Management (NBIM), on the release of the fund’s annual report.

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