Norway’s sovereign wealth fund, which has 70% of its now NOK9.7tn (€966bn) of assets in listed equities, must get ready for big swings in the fund’s value over the next three years, its manager has warned.Norges Bank Investment Management (NBIM), which runs the Government Pension Fund Global, published a document on its strategy for 2020 to 2022, saying the new three-year plan continued in the direction that had been set by the strategy for 2017 to 2019.Noting that the fund’s value passed the $1tn (€911bn) threshold in September 2017, NBIM said: “Trends and disruptions in the global economy such as increased trade barriers, low global interest rates, changing technology paradigms and climate change will affect the fund.“We should be prepared for large fluctuations in the fund’s value,” it said. Outlining four key points on the strategic direction for the next three years, NBIM said it would complement the fund’s investments in equities and fixed income by investing in real estate and renewable energy infrastructure, and exercise its ownership role to safeguard the fund’s long-term economic interests.The organisation also said it would utilise a set of diversified investment strategies in a risk-controlled and low-cost manner, and foster a global, performance-oriented and efficient investment organisation.NBIM said it plans to increase the number of external mandates it issues to 100 from 80 currently during the next three years.But although the number of contracts is set to rise, the manager plans to maintain its current strategy of having external portfolio managers managing around 5% of the equity portfolio. NBIM said it used external portfolio managers in equity markets and segments where local specialist knowledge was particularly relevant. Around two thirds of the fund’s external specialist mandates would be in emerging markets.“Except for China, Brazil and India, we expect close to all emerging market investments to be managed by external fund managers,” it said.Last year NBIM terminated NOK20bn of externally managed, environment-related mandates. Renewable energy plansLaying out its strategy for its new investments in unlisted renewable energy infrastructure, NBIM said it planned to have around 1% of the fund invested in these assets by the end of 2022.These investments would focus on Europe and North America, it said, because these regions had tested regulatory frameworks as well as experience with private funding of infrastructure assets.The primary investment focus would be on wind and solar power generation assets, NBIM said, adding that it would home in on projects with low power price risk, stable cash flow and limited risk to the principal investment.While favouring equity investments for the new renewable energy infrastructure holdings, NBIM said it could invest elsewhere in the capital structure.“We prefer direct co-investments but will consider investing in renewable funds,” it said.The manager expects to have around 20 professionals dedicated to renewable energy infrastructure.
BiH junior handball team won against Hungary with a result of 25-21 (11:16) in second round of the World Championship which is held in our country.BiH juniors , their first victory at the World Championships achieved with a brilliant game in second half in which they completely outplayed the favored team of Hungary.Game of our team in the first half was marked by a number of technical errors which resulted in high score for Hungarians 16:11.Later on, during the game players chosen by the selector Zdenko Grbavac made big progress. The 3.000 fans in the rink awakened our young handball players, with furious series of goals 9:0 reached appreciable advantages of 20:16, while guests for 15 minutes failed to shake the net of the goalkeeper Denis Serderević, who managed 13 defenses in the second half and was a hero of the match. In the last ten minutes of the match, our juniors were able to preserve the advantage of the four goals and deservedly celebrated the first victory of one of our handball selection at major competitions.In the ranks of the BiH team the most efficient players were Dejan Malinović, Elmir Građan and Damir Halilković with four goals, while in Hungarian team were Szolossi with six goals.The next match will be played on Wednesday against the first favorite C-group–Slovanije, leading with two victories.(Source:Fena)
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