CALGARY — Oil and gas investments may have soured for managers of the Norwegian sovereign wealth fund but two Canadian funds say they have plenty of room for such securities in their portfolios. In a letter this week, Norway’s central bank urged the Norwegian government to consider divesting oil and gas company shares held in the US$1-trillion oil fund to avoid the risk of permanently lower commodity prices. The Canada Pension Plan Investment Board, Canada’s largest pension fund investor with $328 billion under management, owns shares in dozens of energy companies and says it believes the investments will pay off. He wouldn’t say if the fund intends to sell any energy securities it currently holds. The Norwegian fund has investments in 9,000 companies in 77 countries around the world, with about US$37 billion tied up in oil and gas shares.

Source: National Post November 17, 2017 21:48 UTC