Tech Boom Fuels Record Profit for Norway's Sovereign Wealth Fund

Norway's $1.8 trillion sovereign wealth fund, the world's largest, reported a record annual profit of 2.51 trillion crowns ($222 billion) in 2024, driven by a tech stock rally. The fund achieved a 13% ROI, with significant investments in Apple, Microsoft, and Nvidia, among other tech companies.

Norway's $1.8 trillion sovereign wealth fund, renowned as the largest globally, announced a record-breaking annual profit of 2.51 trillion crowns ($222 billion) for 2024. This success was largely attributed to a surge in technology stocks, according to Wednesday's report.

CEO Nicolai Tangen of Norges Bank Investment Management highlighted that American technology giants were pivotal in the fund's exceptional performance. Being a significant global investor, the fund controls an average of 1.5% of publicly listed stocks worldwide, with major stakes in flagship companies like Apple, Microsoft, and Nvidia.

Although profit was substantial, the fund's ROI of 13% was slightly under its benchmark. Notable was the 18% return from equities, while fixed income saw a modest 1% rise, and real estate and renewable energy assets marked declines. State inflows into the fund fell short of previous records.