Norway wealth fund posts record $222B profit on tech surge - Breaking The News

Norway wealth fund posts record $222B profit on tech surge

29 January

1 min read

EPA-EFE/NINA E. RANGOY

Norway's $1.8 trillion sovereign wealth fund reported on Wednesday a record annual profit of 2.51 trillion crowns ($222 billion) for 2024, driven by a strong performance in the technology sector. The results surpassed the previous record of 2.2 trillion crowns set in 2023.

"The American technology stocks, in particular, performed very well," said Nicolai Tangen (pictured), CEO of Norges Bank Investment Management, which operates the fund.

Nine of its ten largest equity holdings were tech companies, with Apple, Microsoft, and Nvidia as the top three. The fund's equity investments returned 18%, while fixed income gained 1%.

norges bank

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