– There are special times in the community, there are special times in the economy, and there are special times in the world’s financial markets, says Oljefond-chief Yngve Slyngstad at a press conference.
its oil wealth had a very good year in 2019 with a return of almost 20 per cent, or a staggering 1692 billion. At the end of the year was the fund worth 10.088 billion.
Since it has gone downhill.
its oil wealth is invested in large parts of the world, and the stock exchanges has fallen from just over 10 to over 45 per cent since the new year. The values have fluctuated somewhat violently from day to day.
– Then it is only to remind you that we have a 30års-horizon on our investments, ” says Slyngstad.
Although the fund’s value in nok increased somewhat, but that’s because the Norwegian krone has weakened in line with the world’s financial markets, so that the fund measured in nok has actually increased a little.
But the real value of its oil wealth has thus dropped significantly.
Yngve Slyngstad resigns as chief
Today’s news conference may be the last as Yngve Slyngstad hold in virtue of being Oljefondets chief.
Slyngstad warned in October last year that he would retire as ceo after 12 years at the top of one of the world’s largest pengebinger. He delivered the termination, its the same day as its oil wealth reached the historic milestone of 10.000 billion.
Since korona-the pandemic led to a sharp fall on world stock exchanges so that the fund now is less worth than this.
the New commander will be announced during today’s press conference.