Norwegian Wealth Fund Hits Record Profit Boosted by Tech Stocks

Norway's sovereign wealth fund, the world's largest, achieved a record annual profit of 2.51 trillion crowns in 2024, primarily due to a surge in technology stocks. Notable investments include major stakes in Apple, Microsoft, and Nvidia. The fund's performance, however, slightly trailed its benchmark index.

Norway's $1.8 trillion sovereign wealth fund, renowned as the world's largest, reported an unprecedented annual profit of 2.51 trillion crowns in 2024. This record-breaking performance was predominantly fueled by a tech stock rally.

The CEO of Norges Bank Investment Management, Nicolai Tangen, highlighted the American technology sector's exceptional performance as a key contributor to the fund's success. These investments include significant equity holdings in companies like Apple Inc, Microsoft, and Nvidia.

A 13% return on investment was achieved for the year, slightly below the benchmark index. The Norwegian state's inflow into the fund hit 402 billion crowns, noticeably lower than the previous high set in 2022.

(With inputs from agencies.)