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What to watch out for

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MNI EXCLUSIVE

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FINLAND AUCTION PREVIEW

2.625% Jul-42 RFGB

NORWAY
NORWAY: ***Getting lots of questions on the potential change in portfolio
strategy for the mammoth Norwegian Petroleum fund. One is how quickly this might
happen.
- Looking for historical example, there is a similar letter that went from
Norges Bank to the Finmin on 1 Dec 2006 that recommended increasing the equity
weight to 75% (from 62.5%). This followed a recommendation by the Mork
Commission (a government sponsored commission) in October 2016 that suggested a
70% allocation. By mid-Feb 2017, an increase in equity benchmark was approved
although only to 70%. The fund is on its way and at end-June, there was 65% in
equities.
- Tidying up the fixed income portfolio and cutting corporate bond holdings
within benchmarks is partially a response to changing market correlations and
upping the size of the equity portfolio. A decision to make such changes might
not be considered as contentious as a decision to increase the equity
percentage.