"Stock market returns in the third quarter were driven mainly by continued economic recovery in developed markets,” said Yngve Slyngstad, the chief executive of Norges Bank Investment Management, which manages the fund. “Fixed-income investments continue to perform relatively poorly.”
The fund had a market value of 4.7 trillion kroner on 30 September, of which 63.6 percent was invested in equities, 35.5 percent in fixed income and 0.9 percent in real estate.
Norway's oil fund, which is officially known as the Government Pension Fund of Norway, has come under criticism for its relatively lacklustre returns.
Norway's new government last week launched a review of Norges Bank’s management of the fund, which will report to the Norwegian parliament next spring.