The Norwegian pensioner megafund does not believe in the Polish stock exchange
In 2022, the Bank of Norway’s (NBIM) investment Tuesday reported that the assets of the local government’s Global Pension Fund (GPFG) increased to NOK 12.43 billion from NOK 12.34 billion a year earlier. It has never been so large in its history, dating back to the early 1990s. Counting in efforts, GPFG’s assets were very evenly matched: up to USD 1.26 billion from almost USD 1.4 billion at the end of 2021.
read more
On their investments, funds, liabilities, shares and energy sources, spending on 70 effective funds incurred in 2022, 14.1 percent. losses. This is the worst result since the global financial one. This is the effect of the discounting of both stocks and cards. The fact that GPFG’s assets are counted in crowns resulted on the one hand from the weakening of the crown in relation to the signal, and on the other hand from record revenues from gas exports from Norway. Last year, the government paid 1.1 billion crowns to the fund, almost three times more than the previous record in this respect in 2008.
read more
The Polish part of the GPFG portfolio also lost a lot of value, which is not surprising, given last year’s weakness of the WSE. At the end of 2021, the Norwegian giant had assets in Poland worth over 18.4 billion crowns, a year later these assets had dwindled to 15.9 billion crowns (down by 13.8 percent). Converted into zlotys, Polish assets of Norwegians fell by 16.5 percent. For comparison, the WIG20 declined last year. by 21.6 percent, but at the same time the zloty strengthened against the crown by about 3 percent.
The Polish assets of GPFG have been melting since 2015, when they amount to almost CZK 32.5 billion. In the years , the Norwegians were heavily affected by Polish tax obligations, in 2022 they did not have them in their portfolio at all. They held debt securities of BGK and mBank worth CZK 1.4 billion. It is worth noting that part of their Polish portfolio, which is somewhat limited, amounted to CZK 0.78 billion in 2021, although there were four instruments in it.
The equity part of the Polish GPFG portfolio at the end of 2022 amounted to over CZK 12.5 billion, in European countries to CZK 15.8 billion a year earlier. This means that the value of shares listed on the WSE held by Norwegians decreased (in crowns) by 20.7 percent. Converted to zlotys, the discount amounted to 23.2 percent.
read more
Norwegians on the Stock Exchange
Values of Polish entities held by a sovereign wealth fund in the world are subject to a year. The Norwegian fund prefers shares from the Warsaw Stock Exchange and I have more of them than a year ago. There are less Polish rules otherwise.
However, all NBIM data shows that in 2022 GPFG slightly reduced its exposure to the Polish equity market. At the end of last year had securities of 104 companies listed on the Warsaw Stock Exchange in its portfolio, in fact up to 109 a year earlier and even 125 in 2020.
In nominal terms, the position in the Polish part of the GPFG portfolio at the end of 2022 includes shares in PKO BP (worth CZK 1.92 billion), PKN Orlen (CZK 1.92 billion) and Dino Polska (CZK 1.08 billion) and Allegro (0 .63 billion crowns). The next places, with the commitment below CZK 0.5 billion, are contributed by Kruk, CD Projekt and Bank Pekao.
In terms of shareholding, GPFG had a stake at the end of 2022 in Ferro (4.74%), Selvita (4.74%), Oponeo (4.57%), STS Holding (4.57%). ) and Auto Partner (4.04%). In the remaining companies from the portfolio, the shares of the Norwegians were less than 4 percent. A year earlier, GPFG had the largest shares in Oponeo (6.26%) and STS Holding (5.95%), followed by Toya (5.14%). At the end of last year in the latter group, however, GPFG’s shares dropped to 2.44 percent.
On average, GPFG had 1.69 percent at the end of 2022. shares in Polish companies from its portfolio, in countries up to 1.86 percent. a year before. This is another – after making several positions – a sign that the Norwegians have reduced their exposure to companies listed on the Warsaw Stock Exchange in 2022.
Since 2013, Norwegians have also been investing in real estate on the Vistula River. This part of their Polish portfolio acquired in 2022, 26th position and worth CZK 1.93 billion. The year before, there were the same number of these items, but their value amounted to CZK 1.66 billion. It was the second year in a row when GPFG’s investments in Polish real estate deserved more than its investments in Polish bonds.