Norway's wealth fund posts $109 bln Q1 profit as tech stocks soar

Norway's $1.6 trillion sovereign wealth fund, the world's largest, on Thursday posted a profit of 1.2 trillion crowns ($109 billion) for the first quarter of 2024, boosted by strong technology stocks. "Our equity investments had a very strong return in the first quarter, particularly driven by the tech sector," deputy CEO Trond Grande said in a statement.

Norway's $1.6 trillion sovereign wealth fund, the world's largest, on Thursday posted a profit of 1.2 trillion crowns ($109 billion) for the first quarter of 2024, boosted by strong technology stocks.

"Our equity investments had a very strong return in the first quarter, particularly driven by the tech sector," deputy CEO Trond Grande said in a statement. The profit compares with a profit of 893 billion crowns at the same time

a year ago .

The fund's overall return on investment of 6.3% was 0.1 percentage point below its benchmark index, it said. The fund invests the proceeds of the Norwegian state's oil and gas production into stocks, bonds, unlisted property and renewable projects abroad.

Its size is equivalent to $283,000 for every Norwegian man, woman and child. ($1 = 10.9966 Norwegian crowns)

 

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