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.

Code Name Price Market Cap
NCZ NEW CENTURY RESOURCES LTD 0.4181 217528000
SYR SYRAH RESOURCES LTD 0.6985 246553760
MLD MACA LTD 0.671 180754048
WSA WESTERN AREAS LTD 1.3833 382156544
MLX METALS X LTD 0.1686 113810752
KCN KINGSGATE CONSOLIDATED LTD 0.172 38922172
MML MEDUSA MINING LTD 0.3441 70787000
MCR MINCOR RESOURCES NL 0.2994 83741704
IMD IMDEX LTD 0.7364 285474624
PAN PANORAMIC RESOURCES LTD 0.2116 114761344
GXY GALAXY RESOURCES LTD 0.9721 411295712
WGX WESTGOLD RESOURCES LTD 1.1252 452557600
S2R S2 RESOURCES LTD 0.0686 17061522
DCN DACIAN GOLD LTD 0.351 69124504
WGN WAGNERS HOLDING CO LTD 1.3695 209345616
HFR HIGHFIELD RESOURCES LTD 0.6331 204101200
HZN HORIZON OIL LTD 0.074 94082464
SXY SENEX ENERGY LTD 0.191 274987424
LNG LIQUEFIED NATURAL GAS LTD 0.1893 102315496
KAR KAROON ENERGY LTD 0.5953 149112640
ATS AUSTRALIS OIL & GAS LTD 0.1858 183057200
MRM MMA OFFSHORE LTD 0.1204 103342512

 

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).

Code Name Price Market Cap
CWP CEDAR WOODS PROPERTIES LTD 4.12 330270912
SDG SUNLAND GROUP LTD 1.23 171938352
APZ ASPEN GROUP 0.7 67213040
HPI HOTEL PROPERTY INVESTMENTS 2.39 350918656
PEA PACIFIC ENERGY LTD 0.43 186473520
IFN INFIGEN ENERGY 0.31 302820704
GNX GENEX POWER LTD 0.19 60204304
EPW ERM POWER LTD 1.3 325453920
VRL VILLAGE ROADSHOW LTD 1.92 376919776
SWM SEVEN WEST MEDIA LTD 0.33 492968896
WPP WPP AUNZ LTD 0.32 278564192
IGL IVE GROUP LTD 1.43 210072400
GTN GTN LTD 0.69 154156816
HT1 HT&E LTD 1.24 344268608
SLC SUPERLOOP LTD 1.07 271941984
HIL HILLS LTD 0.12 28737440
CDA CODAN LTD 2.23 394702848
RDF REDFLEX HOLDINGS LTD 0.28 42385932
IFM INFOMEDIA LTD 1.17 363370112
ISD ISENTIA GROUP LTD 0.16 32345400
RUL RPMGLOBAL HOLDINGS LTD 0.41 87854112
CNW CIRRUS NETWORKS HOLDINGS LTD 0.03 20670128
CSV CSG LTD 0.09 41406852
RHP RHIPE LTD 1.68 229555440
EML EML PAYMENTS LTD 2.06 499121120
BLA BLUE SKY ALTERNATIVE INVESTM 0.13 9893998
NGI NAVIGATOR GLOBAL INVESTMENTS 2.73 437433536
FXL FLEXIGROUP LTD 1.21 464128160
CLH COLLECTION HOUSE LTD 0.87 120773328
ECX ECLIPX GROUP LTD 0.92 298064736
OFX OFX GROUP LTD 1.04 258327552
AFG AUSTRALIAN FINANCE GROUP LTD 1.06 226186144
SPL STARPHARMA HOLDINGS LTD 0.89 337656064
ACR ACRUX LTD 0.13 22352012
VRT VIRTUS HEALTH LTD 3.07 248401904
CAJ CAPITOL HEALTH LTD 0.16 119376952
API AUSTRALIAN PHARMA INDUS LTD 0.92 455903264
PGC PARAGON CARE LTD 0.3 103477032
NVL NATIONAL VETERINARY CARE LTD 1.38 94065088
IDX INTEGRAL DIAGNOSTICS LTD 1.98 311306944
JHC JAPARA HEALTHCARE LTD 0.88 241854288
MVF MONASH IVF GROUP LTD 0.94 217438912
EHE ESTIA HEALTH LTD 1.84 484236384
SIG SIGMA HEALTHCARE LTD 0.35 371844736
BWX BWX LTD 1.47 181278592
AHY ASALEO CARE LTD 0.6 321448128
HUO HUON AQUACULTURE GROUP LTD 3.1 272277760
RIC RIDLEY CORP LTD 0.87 267977232
SHV SELECT HARVESTS LTD 4.62 446777472
AAC AUSTRALIAN AGRICULTURAL CO 0.75 452158240
WLD WELLARD LTD 0.02 9505768
ELD ELDERS LTD 4.13 476408544
GRB GAGE ROADS BREWING CO 0.06 69852104
AVG AUSTRALIAN VINTAGE LTD 0.33 93693896
PGR THE PAS GROUP LTD 0.11 14580951
CCX CITY CHIC COLLECTIVE LTD 1.27 243426288
TGA THORN GROUP LTD 0.23 36049220
CCV CASH CONVERTERS INTL LTD 0.12 74240704
AX1 ACCENT GROUP LTD 0.87 480502016
VTG VITA GROUP LTD 0.84 131649480
ASG AUTOSPORTS GROUP LTD 0.88 176368448
BBN BABY BUNTING GROUP LTD 1.46 182735392
ADH ADAIRS LTD 1.3 214040688
MYR MYER HOLDINGS LTD 0.41 336296416
TRS REJECT SHOP LTD/THE 1.42 41579688
RBL REDBUBBLE LTD 0.68 171879760
SGH SLATER & GORDON LTD 1.27 88519992
SLK SEALINK TRAVEL GROUP LTD 2.52 256876912
AGI AINSWORTH GAME TECHNOLOGY LT 0.49 166882736
RFG RETAIL FOOD GROUP LTD 0.11 20122474
ALG ARDENT LEISURE GROUP LTD 0.72 348291040
FWD FLEETWOOD CORP LTD 1.25 118828168
PWH PWR HOLDINGS LTD 2.99 295925984
A2B A2B AUSTRALIA LTD 1.2 148355904
AQZ ALLIANCE AVIATION SERVICES L 1.62 204722416
PPE PEOPLE INFRASTRUCTURE LTD 2.17 136875872
CLQ CLEAN TEQ HOLDINGS LTD 0.22 154114176
ACF ACROW FORMWORK AND CONSTRUCT 0.22 36642820
EHL EMECO HOLDINGS LTD 1.33 392597408
ANG AUSTIN ENGINEERING LTD 0.12 69711840
MXI MAXITRANS INDUSTRIES LTD 0.21 36300184
DCG DECMIL GROUP LTD 0.6 140224352
CDD CARDNO LTD 0.62 288700480
SRG SRG GLOBAL LTD 0.3 139423088
AJL AJ LUCAS GROUP LTD 0.05 41297356