Norway’s sovereign wealth fund holds 3.024% in Telefonica

Bankinter | Norway´s sovereign wealth fund has informed the regulator (CNMV) that it now holds 3.024% in Telefonica (TEF). This is an increase of more than 1% since it last informed the regulator of its holding in the Spanish telecommunications company last February.

Good news taking into account that 1) Norway´s sovereign wealth fund is not an activist fund, in which case an increase in its holding could have been interpreted as a threat to the current management team, and 2) precisely because of this the increase in the holding of the Norwegian fund indicates that the current share value is an investment opportunity. Our vision is also positive with a potential revaluation of +28%.