Economy. The Norwegian oil fund writes down the value of its holding in British properties five percent. The background is brexit, British decision to leave the EU, which created some concern in financial markets.
The UK is the fund’s second-largest market for its investments, a total of 10.2 percent of the fund’s total assets. Only the US is bigger. Among other things, one is a major owner of the fashionable köpkvarteren on Regent Street in London.
But the Norwegian giant fund has no intentions, more than the margin, pull down their holdings in UK assets. This despite the fact that the Fund’s Managing Director Trond Grande is concerned about what might happen if the free movement of goods, services and people is limited.
The world’s largest public fund, with assets worth equivalent to 7500 billion, reported its quarterly report on Wednesday. Return landed at 1.3 percent, compared with a minus of 0.6 percent in the first quarter.
The Norwegian Government norpade during the quarter, 24 billion Norwegian crowns from the Fund to close parts of the budget, in the wake of the falling oil prices, about the same as in the first quarter.
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