Norway’s SWF sees large returns after ‘major strategic changes’

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Last year saw the second-best returns ever for Norway's Government Pension Fund Global, which is managed by an arm of the Norges Bank, and marked a shift in the fund's investment strategy, according to its annual report for 2012.

Returns totalled 13.4%, driven to a large part by the fund's 60% share devoted to equities, which grew 18% over the year. Fixed income investments returned 6.7% and property returned 5.8%. The total value of the fund rose 504 billion krone ($88 billion) to 3,816 billion

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