The oil fund's Baltic investments total $18 million, out of the fund's $940 billion wealth.

In Latvia, the fund invested into Nasdaq-listed companies, buying up 1.3% of HansaMatrix for $200,000, 0.5% of Olainfarm for $647,000 and 0.74% of Valmiera Glass for $582,000.

Currently the investments seem to be well-timed, with Olainfarm's share price having grown 40% since last year, while Valmiera Glass shares are now 20% up from when they were bought up last November.

HansaMatrix share are up a relatively meager 7% from its entry into the stock market last June.

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