Record Profit: Norway's Sovereign Wealth Fund Surges Amid Tech Boom

Norway's sovereign wealth fund, the largest in the world, announced a record annual profit of 2.51 trillion crowns ($222 billion), primarily due to the significant growth in American technology stocks. The fund, managed by Norges Bank Investment Management, benefits from Norway’s oil and gas revenue, investing globally across various sectors.

Norway's sovereign wealth fund, the most considerable globally, declared a record annual profit on Wednesday, reaching 2.51 trillion crowns ($222 billion). This milestone was largely attributed to the booming American tech market over the last year.

The Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen, highlighted the strong performance of American technology stocks as a key factor behind these impressive figures. The fund, leveraging Norway's oil and gas-derived state revenues, maintains a diversified investment strategy.

The fund holds about 1.5% of all listed stocks worldwide and also places investments in bonds, real estate, and renewable energy assets. This diversification supports its status as a significant global investor.

(With inputs from agencies.)