Norway oil fund’s derivatives book balloons 192% in H2 2021

- By Lorenzo Migliorato
- 21 Mar 2022

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Norway’s sovereign wealth fund radically reshaped its hedging profile in 2021’s volatile second half, nearly tripling the amount of derivatives notional on its book.

The fund, known formally as the Government Pension Fund Global (GPFG), held Nkr1.1 trillion ($125 billion) notional of derivatives as of December 31, up 192% from June 30 and 153% from end-2020.

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