Norway’s trillion-dollar sovereign wealth fund said yesterday that it plans to start selling up to $35 billion of the oil and gas shares it currently holds. Some suggest it is to brush up on its green credentials, others that it is a hedge against falling crude oil prices. But if you think about it, if one’s income stems from fossil fuels is it not putting all your eggs in one basket if you then plough your cash back into the same industry group. Remember: Enron staff were encouraged to park their pension savings in Enron shares.
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis