From The Africa Report

Norway’s $840 billion sovereign wealth fund sharply increased its exposure to government debt in the world’s most advanced economies in the fourth quarter and also raised its African equity holdings, it said on Friday.

The fund, commonly known as the oil fund, was a big buyer of American, British, German and also Brazilian bonds in the quarter while ditching stocks despite a superb run on its equities investments in the previous quarters.

“The year’s results were driven by equity investments,” said Yngve Slyngstad, the fund’s chief executive.

“(But) 2013 was still the first year in the fund’s history when we have been a net seller of shares.”

The fund, which invests Norway’s surplus oil revenues in stocks, bonds and real estate, made a return on investments of 4.66 percent in the quarter and 15.9 percent in all of 2013.

2013 has been its second best year on record and also its best since 2009, when markets rebounded following the global financial crisis.

The fund had increased its bond holdings to 37.3 percent of its portfolio at the end of the year from 35.5 percent three months earlier, and cut its equity holdings to 61.7 percent from 63.6 percent.

Read more at The Africa Report