Increased portfolio investments abroad
The increase in the stock position is due to investments in debt securities in the Government Pension Fund – Global and a reduction in the Norwegian foreign exchange rate.
The Government Pension Fund dominates
The general government sector, dominated by the Government Pension Fund – Global, had a stock position of NOK 2 772 billion in foreign securities by the end of 2008. This is equal to 75 per cent of Norway’s total portfolio investment. The stock of Norway’s total foreign debt securities was NOK 2 236 billion, while the equity position amounted to NOK 1 437 billion.
Large positions in the US
Norway had its largest portfolio investment in the US with NOK 791 billion by the end of 2008, followed by investment in the UK and Germany with NOK 454 and NOK 401 billion respectively.