Oslo

NORWAY's sovereign wealth fund, which owns more than 1 per cent of global stocks, is treating its US$300 billion bond portfolio as a hedge for what it now essentially views as a stock fund.

"Sixty to 70 per cent in equities - imagine it was 60 to 80 or 90 per cent - the whole thing is that this fund is actually to a large extent now a public equity fund," CEO Yngve Slyngstad told reporters in Oslo.