The €93.1bn ($100.8bn) Petroleumfund in Norway returned 7.74% in the second quarter, its highest returns since the fourth quarter of 1999.

In the first half the fund returned 5.90%, beating its customised benchmark by 0.31%. The positive returns were a result of equities and bonds performing well in all the core markets. Equities, which represent 41.2% of the total assets, returned 15.56%. Bonds, which represent 58.8% of assets, returned 2.77%.