GPFN shows great confidence in Tencent and TSMC
On August 18, the world’s largest sovereign fund, the Government Pension Fund of Norway (GPFN), released its semi-annual financial report on its official website. The financial report shows that the fund will achieve a return of 9% in the first half of 2021, roughly worth $111 billion USD.
Among the equity assets invested by The Government Pension Fund of Norway, TSMC and Tencent both rank among the top ten holdings. It holds TSMC shares worth $7.9 billion USD; and Tencent shares worth $6 billion USD.
As of June 30, 2021, the scale of The Government Pension Fund of Norway is $1,309.4 billion USD. Among them, 72.4% of fund assets are invested in equity assets, 25.1% are invested in fixed income assets, and 2.4% are invested in unlisted real estates.
In terms of return categories, equity assets contributed 13.7% of returns, fixed income investment returns were -2.0%, and unlisted real estate returns were 4.6%.
Chinese assets are also a significant part of The Government Pension Fund of Norway’s participating IPO projects. Among the 223 IPO projects it participated in, two of the top three projects by scale were occupied by Kuaishou and Didi.
It is worth noting that at the end of 2020, the tenth-largest position of The Government Pension Fund of Norway was Alibaba, with a market value of $35.9 billion USD, higher than the market value of Tencent during the same period. But Alibaba has withdrawn from the list of top ten this year. Therefore, The Government Pension Fund of Norway is likely to reduce its holdings of Alibaba.
