Norway’s sovereign wealth fund, one of the world’s largest equity investors, increased its allocation to listed companies last year, despite a turbulent final quarter that dented overall performance.

The Government Pension Fund Global, which invests in public equities, fixed income and unlisted real estate outside of Norway, returned -6.1% in 2018, down from the 13.7% recorded for 2017 and lagging its benchmark index by 0.3 percentage points.