FOLKETRYGDFONDET recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Folketrygdfondet is a private investment management firm based out of Oslo, Norway. The company was established in 1967 and acts as the manager for the Government Pension Fund of Norway. Folketrygdfondet, translated into the National Insurance Scheme Fund, was established to manage the surpluses of the National Insurance Scheme. The company would continue to manage the surpluses until 1979, when the surpluses in the National Insurance Scheme became deficits and the company decided to end transfers from the National Insurance Scheme. The National Insurance Scheme Fund’s management would then be consolidated, reorganizing its original five regions of management into a single entity under the Ministry of Finance. In 2006, the Government Pension Fund would be established, comprising the Government Pension Global Fund and the Government Pension Fund Norway. The Folketrygdfondet would then refer to the organization managing the Government Pension Fund Norway. In 2008, Folketrygdfondet would be transformed into an official company through a special statute under the Ministry of Finance, marking a clear delineation between the Government Pension Fund Norway and its manager, Folketrygdfondet. The company currently manages the equity and fixed income portfolios of the Government Pension Fund Norway, investing its held assets mainly in the markets of Norway, which alone makes up over three quarters of its investments, Denmark, Sweden, and Finland. Folketrygdfondet engages in active management with its investment strategy focusing on a higher capacity and tolerance for risk, a large focus on markets with occasional weak liquidity, an interest in responsible investment practices, and a high familiarity with companies. The company invests most heavily in the energy sector, which alone makes up almost two thirds of its total asset allocations, and also invests in the consumer staples, consumer discretionary, and health care sectors, among other sectors to a lesser degree, in order of decreasing allocation.
As of the latest 13F report, the guru’s equity portfolio contained 10 stocks valued at a total of $4.46Bil. The top holdings were EQNR(82.39%), NVO(9.52%), and FRO(2.43%).
According to GuruFocus data, these were FOLKETRYGDFONDET’s top five trades of the quarter.
Equinor ASA
FOLKETRYGDFONDET reduced their investment in NYSE:EQNR by 1,546,319 shares. The trade had a 1.13% impact on the equity portfolio. During the quarter, the stock traded for an average price of $36.08.
On 10/28/2022, Equinor ASA traded for a price of $36.73 per share and a market cap of $118.52Bil. The stock has returned 44.54% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Equinor ASA has a price-earnings ratio of 7.29, a price-book ratio of 3.07, a price-earnings-to-growth (PEG) ratio of 0.50, a EV-to-Ebitda ratio of 1.45 and a price-sales ratio of 1.08.
The price-to-GF Value ratio is 0.81, earning the stock a GF Value rank of 9.
Telefonaktiebolaget L M Ericsson
During the quarter, FOLKETRYGDFONDET bought 2,499,017 shares of NAS:ERIC for a total holding of 12,020,516. The trade had a 0.32% impact on the equity portfolio. During the quarter, the stock traded for an average price of $7.17.
On 10/28/2022, Telefonaktiebolaget L M Ericsson traded for a price of $5.635 per share and a market cap of $18.80Bil. The stock has returned -46.68% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Telefonaktiebolaget L M Ericsson has a price-earnings ratio of 8.03, a price-book ratio of 1.50, a EV-to-Ebitda ratio of 4.63 and a price-sales ratio of 0.81.
The price-to-GF Value ratio is 0.62, earning the stock a GF Value rank of 8.
Golden Ocean Group Ltd
FOLKETRYGDFONDET reduced their investment in NAS:GOGL by 1,232,669 shares. The trade had a 0.3% impact on the equity portfolio. During the quarter, the stock traded for an average price of $10.02.
On 10/28/2022, Golden Ocean Group Ltd traded for a price of $8.4673 per share and a market cap of $1.66Bil. The stock has returned 22.72% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Golden Ocean Group Ltd has a price-earnings ratio of 2.48, a price-book ratio of 0.92, a EV-to-Ebitda ratio of 3.33 and a price-sales ratio of 1.38.
The price-to-GF Value ratio is 1.05, earning the stock a GF Value rank of 3.
Novo Nordisk A/S
During the quarter, FOLKETRYGDFONDET bought 119,781 shares of NYSE:NVO for a total holding of 4,262,659. The trade had a 0.27% impact on the equity portfolio. During the quarter, the stock traded for an average price of $107.14.
On 10/28/2022, Novo Nordisk A/S traded for a price of $108.82 per share and a market cap of $250.11Bil. The stock has returned 2.25% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Novo Nordisk A/S has a price-earnings ratio of 32.77, a price-book ratio of 24.65, a price-earnings-to-growth (PEG) ratio of 4.68, a EV-to-Ebitda ratio of 22.08 and a price-sales ratio of 12.05.
The price-to-GF Value ratio is 1.36, earning the stock a GF Value rank of 1.
ABB Ltd
During the quarter, FOLKETRYGDFONDET bought 345,629 shares of NYSE:ABB for a total holding of 990,554. The trade had a 0.2% impact on the equity portfolio. During the quarter, the stock traded for an average price of $28.09.
On 10/28/2022, ABB Ltd traded for a price of $27.93 per share and a market cap of $52.38Bil. The stock has returned -13.48% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, ABB Ltd has a price-earnings ratio of 13.72, a price-book ratio of 4.51, a price-earnings-to-growth (PEG) ratio of 1.86, a EV-to-Ebitda ratio of 9.43 and a price-sales ratio of 1.93.
The price-to-GF Value ratio is 0.91, earning the stock a GF Value rank of 6.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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