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This entry was posted on August 21, 2015 at 7:21.
The day before yesterday the Norwegian sovereign wealth fund announced that it had lost about 8 billion euro in the second quarter of this year. The first negative performance for three years now for the Government Pension Fund, a colossus of nearly 790 billion euro in assets under management. Many markets, such as bonds, in the second quarter have corrected the course and this partly explains the setback in the accounts of the fund. The disappointments but are certainly not coming from the Milan Stock Exchange. Year to date, according to the database S & amp; P Capital IQ, the value of the holdings that the fund holds the Milan Stock Exchange grew by about 26% with a performance superior to that of the list FTSE MIB that, in the same amount of time, rose by about 17 percent.
The fund is very active in the Milan Stock Exchange where shares for 8.2 billion euro in the big list, including (by 2%) Fiat-Fca. A figure that makes it the seventh institutional investor of the price list and third among those behind the big American foreign Blackrock and Vanguard. Norwegians lead the patrol of entities controlled by sovereign states who have holdings of weight on the Milan Stock. A group which also includes the United Arab Emirates, through the fund Aabar have 6.5% of Unicredit, the Libyan central bank (other investor weight in bank square Gae Aulenti) and especially China which, through its central bank (but not only) in the last two years has established itself as one of the most active institutional investors in the Milan area.
According to the Sole 24 Ore processing it has made data on S & amp; P Capital IQ, the value of investments that these subjects have on the Milan Stock amounted to 18.6 billion euro. An increase of 6.5 billion euro compared with the beginning of the year. In percentage terms, this is an increase of 56% which is in part the result of the positive performance of the Milanese listing and part of the entrance of new players, just as China. After accumulating 2014 holdings above 2% in the capital of Eni, Fca, Saipem, Telecom Italy, Prysmian, Mediobanca and Generali, the People’s Bank of China in 2015 has focused mainly on banks, buying 2% of Intesa, Unicredit and MPS. The total value of investments of the PBOC on the Milan Stock rose about 2.2 billion euro. The account should also add another billion 400 million euro, a figure that is equivalent to the market value of the 20% of Pirelli, has certified in recent days Consob, it rose to ChemChina, the chemical giant controlled by the Chinese state, in ‘area of the shareholding reorganization of the company (see article below).
The budget of the adventure of China on the Milan Stock should be fine considering that the bulk of purchases was made in the second half of 2014 and that since then most of the blue chips in which the Pobc invested rose on the Stock Exchange. The same goes for the shots he scored this year in banks, according to a report in the database S & amp; P Capital IQ, have so far generated a capital gain of about 100 million virtual euro in a few months. But the joys of the investment in the banking sector are the counterpart pains Oil & amp; Gas. The majority shareholding of the Chinese is a 2% of Eni bought last year is now worth one billion and 158 million euro. But considering that in the last 12 months Eni has lost a lot in the stock market (-20%) due to the depreciation of crude oil, the share in the hands of the Chinese suffered a loss estimated at 220 million euro. Pain also by 2% held Saipem. A share acquired earlier this year at bargain prices that seemed a bargain as the leap chalked up by the action in the first half (+ 30%) but that, in light of the subsequent retracement (the title is down 15% year to date ) has led to a virtual loss of about 11 million euro.
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