Norway wants its $1.3 trillion wealth fund to invest in fewer companies

EMs are often characterised by weaker institutions, says Norway

Norway’s $1.3 trillion wealth fund may be forced to exclude a number of stocks as the government seeks to adjust the portfolio to impose the same ethical and environmental standards across its investments.
 
The world’s biggest sovereign investment vehicle should follow a revamped set of guidelines that could result in a 25-30 per cent reduction in the number of companies it holds, Finance Minister Jan Tore Sanner said in a speech on Friday. That includes not adding any more emerging markets to the index it tracks.
 
Emerging markets are “a complex group” that are “often characterised by weaker