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OSLO, April 25 (Reuters) - The situation in Ukraine has altered the risks affecting the Norwegian sovereign wealth fund's investments in Russia, the head of the fund - the world's largest of its kind - said on Friday.
The fund is one of the world's biggest investors with holdings of $860 billion in some 8,000 companies across 82 countries.
"We see that there is a different risk profile," Yngve Slyngstad told reporters after speaking at a parliamentary hearing. "We have significant investments in Russia."
"At any given time we are ... considering conditions that have dimensions of geopolitical risk," Slyngstad said.
The fund held some 25 billion crowns ($4.16 billion) in government and corporate bonds in Russia as of the end of last year and about 22 billion crowns in stocks in Russian companies.
The fund's chief also said on Friday investors should be prepared to deal with a fall in world stocks as they had experienced a significant period of growth.
"We still have a positive view of the situation generally, but we must be prepared for a correction when we have had such a significant increase in stock markets over several years," he said.
"The question that has been in the market for a long time is whether several possible nations, like China, have challenges." ($1 = 6.0048 Norwegian Kroner) (Reporting by Gwladys Fouche; Editing by Hugh Lawson)