Norway pension fund ups stakes in 16 stocks

Norway’s Government Pension Fund Global, the second largest sovereign we­alth fund, has raised stake in consumption-driven Indian firms and cut stake in engineering and construction firms in the April-June quarter, according to the latest data on shareholding pa­ttern from stock exchanges.

Of the 23 firms in which it held more than one per cent stake, the fund has ra­ised stake in 16 and pared holding in five, while maintaining stake in the remaining two. Norges Bank Investment Management (N­BIM), the asset manageme­nt unit of Norges Bank, the central bank, manages the fund.

Consumption-driven companies in which the fund has raised stake include Arvind, Zee Entertainment, Bombay Dyeing, Crompton Greaves and five Tata group firms -- Indian Hotels, Trent, Tata Global Beverages, Tata Chemicals and Voltas.

While the fund raised exposure to more than one per cent in five companies -- Crompton Greaves, Tata Chemicals, Lupin, Zee Entertainment and Info Edge (India), it cut stake in Alstom Projects (capital goods), IVRCL (construction & engineering) and ING Vysya Bank.

During January-March 2011, the fund held more than one per cent stake in 32 Indian companies, of which only 18 have disclosed shareholding pattern for the June quarter. It actively managed the portfolio and has raised stake in 11 of the 18 companies while paring stake in six.

Norway’s ministry of finance owns the fund whose market value on March 31, 2011 was $554.66 billion, according to its Q1 report.

As per government mandate, the fund has to invest 60 per cent of assets in equities, 35-40 per cent in fixed-income securities and as much as five per cent in real estate. On December 31, 2010, its investments in Indian debt papers were $5.36 million in Axis Bank, $33.27 million in ICICI Bank, $4.45 million in IOC and $11.02 million in SBI. On December 31, the fund held shares of around 270 Indian companies, most of them below one per cent .

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