Norway has a sovereign wealth fund that is the envy of the rest of the world. It holds over US$1 trillion in assets including in around 300 ASX stocks (some of which are small caps).

But last week Norway’s parliament ordered it to divest from the majority of its coal and oil stocks. Specifically any company that generates over 10GW of power from coal or mines over 20 million tonnes of thermal coal annually.

Additionally, the fund has to invest in renewable energy projects, specifically wind and solar. Traditional energy companies which are investing in renewable energy may be spared the axe.

Norway’s finance minister Siv Jensen said earlier this year such a move would be, “to reduce the vulnerability of our common wealth to a permanent oil price decline”.

The price of oil can rise and fall quickly on factors as simple as OPEC production targets;  but for much of this year prices have been historically low as US production levels are at an all-time high.

What mining & energy small caps does the fund own?

In light of the decision, Stockhead has investigated which stocks the fund of Norway has invested in and therefore may be about to sell.

The fund is managed by Norge’s Bank and is listed as the beneficial owners of the stock although it has a separate custodian – namely Citi.

Its total portfolio of small cap mining and energy stocks currently consists of these 22 stocks.

CodeNamePriceMarket Cap
NCZ NEW CENTURY RESOURCES LTD0.4181217528000
SYR SYRAH RESOURCES LTD0.6985246553760
MLD MACA LTD0.671180754048
WSA WESTERN AREAS LTD1.3833382156544
MLX METALS X LTD0.1686113810752
KCN KINGSGATE CONSOLIDATED LTD0.17238922172
MML MEDUSA MINING LTD0.344170787000
MCR MINCOR RESOURCES NL0.299483741704
IMD IMDEX LTD0.7364285474624
PAN PANORAMIC RESOURCES LTD0.2116114761344
GXY GALAXY RESOURCES LTD0.9721411295712
WGX WESTGOLD RESOURCES LTD1.1252452557600
S2R S2 RESOURCES LTD0.068617061522
DCN DACIAN GOLD LTD0.35169124504
WGN WAGNERS HOLDING CO LTD1.3695209345616
HFR HIGHFIELD RESOURCES LTD0.6331204101200
HZN HORIZON OIL LTD0.07494082464
SXY SENEX ENERGY LTD0.191274987424
LNG LIQUEFIED NATURAL GAS LTD0.1893102315496
KAR KAROON ENERGY LTD0.5953149112640
ATS AUSTRALIS OIL & GAS LTD0.1858183057200
MRM MMA OFFSHORE LTD0.1204103342512

 

What small caps will it still own?

But even if it sells all their mining and energy stocks it will still own over 80 ASX small caps – as well as several more large caps.

It holds almost every industry available on the ASX including food stocks such as Huon (ASX: HUO) and Select Harvests (ASX: SHV) and retailers such as City Chic Collective (ASX: CCX) and Baby Bunting (ASX: BBN).

CodeNamePriceMarket Cap
CWP CEDAR WOODS PROPERTIES LTD4.12330270912
SDG SUNLAND GROUP LTD1.23171938352
APZ ASPEN GROUP0.767213040
HPI HOTEL PROPERTY INVESTMENTS2.39350918656
PEA PACIFIC ENERGY LTD0.43186473520
IFN INFIGEN ENERGY0.31302820704
GNX GENEX POWER LTD0.1960204304
EPW ERM POWER LTD1.3325453920
VRL VILLAGE ROADSHOW LTD1.92376919776
SWM SEVEN WEST MEDIA LTD0.33492968896
WPP WPP AUNZ LTD0.32278564192
IGL IVE GROUP LTD1.43210072400
GTN GTN LTD0.69154156816
HT1 HT&E LTD1.24344268608
SLC SUPERLOOP LTD1.07271941984
HIL HILLS LTD0.1228737440
CDA CODAN LTD2.23394702848
RDF REDFLEX HOLDINGS LTD0.2842385932
IFM INFOMEDIA LTD1.17363370112
ISD ISENTIA GROUP LTD0.1632345400
RUL RPMGLOBAL HOLDINGS LTD0.4187854112
CNW CIRRUS NETWORKS HOLDINGS LTD0.0320670128
CSV CSG LTD0.0941406852
RHP RHIPE LTD1.68229555440
EML EML PAYMENTS LTD2.06499121120
BLA BLUE SKY ALTERNATIVE INVESTM0.139893998
NGI NAVIGATOR GLOBAL INVESTMENTS2.73437433536
FXL FLEXIGROUP LTD1.21464128160
CLH COLLECTION HOUSE LTD0.87120773328
ECX ECLIPX GROUP LTD0.92298064736
OFX OFX GROUP LTD1.04258327552
AFG AUSTRALIAN FINANCE GROUP LTD1.06226186144
SPL STARPHARMA HOLDINGS LTD0.89337656064
ACR ACRUX LTD0.1322352012
VRT VIRTUS HEALTH LTD3.07248401904
CAJ CAPITOL HEALTH LTD0.16119376952
API AUSTRALIAN PHARMA INDUS LTD0.92455903264
PGC PARAGON CARE LTD0.3103477032
NVL NATIONAL VETERINARY CARE LTD1.3894065088
IDX INTEGRAL DIAGNOSTICS LTD1.98311306944
JHC JAPARA HEALTHCARE LTD0.88241854288
MVF MONASH IVF GROUP LTD0.94217438912
EHE ESTIA HEALTH LTD1.84484236384
SIG SIGMA HEALTHCARE LTD0.35371844736
BWX BWX LTD1.47181278592
AHY ASALEO CARE LTD0.6321448128
HUO HUON AQUACULTURE GROUP LTD3.1272277760
RIC RIDLEY CORP LTD0.87267977232
SHV SELECT HARVESTS LTD4.62446777472
AAC AUSTRALIAN AGRICULTURAL CO0.75452158240
WLD WELLARD LTD0.029505768
ELD ELDERS LTD4.13476408544
GRB GAGE ROADS BREWING CO0.0669852104
AVG AUSTRALIAN VINTAGE LTD0.3393693896
PGR THE PAS GROUP LTD0.1114580951
CCX CITY CHIC COLLECTIVE LTD1.27243426288
TGA THORN GROUP LTD0.2336049220
CCV CASH CONVERTERS INTL LTD0.1274240704
AX1 ACCENT GROUP LTD0.87480502016
VTG VITA GROUP LTD0.84131649480
ASG AUTOSPORTS GROUP LTD0.88176368448
BBN BABY BUNTING GROUP LTD1.46182735392
ADH ADAIRS LTD1.3214040688
MYR MYER HOLDINGS LTD0.41336296416
TRS REJECT SHOP LTD/THE1.4241579688
RBL REDBUBBLE LTD0.68171879760
SGH SLATER & GORDON LTD1.2788519992
SLK SEALINK TRAVEL GROUP LTD2.52256876912
AGI AINSWORTH GAME TECHNOLOGY LT0.49166882736
RFG RETAIL FOOD GROUP LTD0.1120122474
ALG ARDENT LEISURE GROUP LTD0.72348291040
FWD FLEETWOOD CORP LTD1.25118828168
PWH PWR HOLDINGS LTD2.99295925984
A2B A2B AUSTRALIA LTD1.2148355904
AQZ ALLIANCE AVIATION SERVICES L1.62204722416
PPE PEOPLE INFRASTRUCTURE LTD2.17136875872
CLQ CLEAN TEQ HOLDINGS LTD0.22154114176
ACF ACROW FORMWORK AND CONSTRUCT0.2236642820
EHL EMECO HOLDINGS LTD1.33392597408
ANG AUSTIN ENGINEERING LTD0.1269711840
MXI MAXITRANS INDUSTRIES LTD0.2136300184
DCG DECMIL GROUP LTD0.6140224352
CDD CARDNO LTD0.62288700480
SRG SRG GLOBAL LTD0.3139423088
AJL AJ LUCAS GROUP LTD0.0541297356