Impairment of over a billion – Dagbladet.no

(Finansavisen): On Oslo Børs earnings season so far has been a huge disappointment. Statistics show that one must completely back to 2008, when the financial crisis raged on land, to find equally weak company reports for a single quarter for the fourth quarter of last year, writes Capital.

Folketrygdfondet has not prevented several of profit mines – and in a short time, the market values ​​of well over one billion overall disappeared in companies such as Telenor, Norwegian and Schibsted.

But the position as the largest shareholder in IT company Opera Software with over ten one million shares would probably Folketrygdfondet happily done without.

When the numbers came on the table, slid head around 40 percent and inflicted fund only here to a loss of over 300 million. Director of shares Folketrygdfondet, Nils H. Bastiansen, reacts to the Opera management behavior, like several other large shareholders.

– As a shareholder we disappointed by the lower growth expectation Opera now put forward, in relation to what they have previously communicated. The type surprises we do not like. We have conveyed to management in Opera that they should have been better on segment information to the market. Meanwhile, we are surprised by the sharp price trick, says Bastiansen to capital.

Folketrygdfondet has been in the stock market for 25 years and invest broadly and Bastiansen emphasizes that there can be a high risk associated with companies engaged in new technology .

– Our long-term returns are not dependent on a single quarter. Companies’ financial performance will vary over time. The type oscillations we take into consideration. Meanwhile, we consider running if we are to increase our weight up or down in the company relative to its benchmark. Several are growth companies, and when growth companies do not deliver according to expectation, it can provide wide movements, says Bastiansen to Kapital, adding.

– summary, I can say that in growth companies we must be prepared the large fluctuations, although it generally always little nice with large negative price fluctuations. Our overall risk is far within a framework that is acceptable.

Opera stool on the exchange