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. Return on its global shareholdings stood at 9.1% in the period from January through March.
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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.
Return on its global shareholdings stood at 9.1% in the period from January through March. "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.
Some 72.1% of the assets were held in stocks as of March 31, while 26.0% was invested in fixed income, 1.8% in unlisted real estate and 0.1% in unlisted renewable energy infrastructure. A unit of Norway's central bank manages the fund, which owns 1.5% of all globally listed shares and has stakes in about 8,900 companies.
Separately on Thursday, the fund said
it would vote in favour of a proposal letting NatWest buy back more of its stock from the British government, amid efforts to speed up privatisation.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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