Norway oil fund grew 5 pct in May to $359 billion

OSLO, June 15 (Reuters) – Norway’s sovereign wealth fund grew by 5 percent to a preliminary NOK 2.308 trillion (USD $359 billion) in May from the end of April, the central bank’s monthly balance sheet showed on Monday.

The value stood at 2.196 trillion at the end of April and at 2.273 trillion at the end of 2008.

Commonly known as the “oil fund”, the Government Pension Fund — Global invests Norway’s oil and gas wealth in foreign stocks and bonds to save for future generations when the black gold runs out.

The fund says it is Europe’s biggest equity investor, owning 1.33 percent of all listed European stocks at the end of 2008.

The central bank’s monthly balance sheet gives a fairly accurate first glimpse of the size of the fund ahead of official quarterly figures on the fund’s performance. The bank is due to report the fund’s second-quarter results on August 14.

Source: Reuters.com