NORWAY - The NOK522bn (e65bn) Norwegian Government Petroleum Fund returned 1.1% for the second quarter of this year with the upswing in equity markets contributing positively, despite a negative return on fixed income investments.

The return on the fund’s equity portfolio was 3.2 per cent, and on the fixed income portfolio –0.3 per cent.

The fund’s environmental portfolio, which was established in January this year with a market value of NOK1bn, had a second quarter return of 3%.

NOK 30 billion was transferred to the Petroleum Fund on 31 May, and a further NOK 60 billion on 29 June, bringing the market value of the combined portfolio to NOK 522.8 billion at the end of the second quarter.