So if you own energy stocks in your portfolio and you were worried that a massive player in the group was about to start 'dumping' its holdings owing to environmental concerns, your worries were misplaced. Also, you should stop getting your financial news from CNN.
Based on mainstream media reports one might have thought that a seismic shift in global portfolio management occurred when Norway's key sovereign wealth fund, the Government Pension Fund Global announced a new policy regarding energy stocks Friday. According to some analysis Norway will be"" its oil and gas stocks, but nothing could be further from the truth.
To be sure, GPFG is massive, and its NOK 8.25 trillion in holdings--including NOK 5.48 trillion, or about $625 billion, in equities--ranked it as the world's largest sovereign wealth fund last year. GPFG’s equity portfolio sported a 5.8% weighting in oil and gas companies as of year end--the largest holding was Royal Dutch Shell--but, again, none of the top 10 holdings will be divested, so Norway's going to remain a huge player in the global integrated energy space.
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