Norway wealth fund posts $193b in H1 profit
Sign up now: Get ST's newsletters delivered to your inbox
Norway's US$1.4 trillion (S$1.9 trillion) fund invests the state’s revenues from oil and gas production, and owns on average 1.5 per cent of all listed stocks worldwide.
PHOTO: REUTERS
Follow topic:
ARENDAL, Norway - Norway’s wealth fund, the world’s largest single stock market investor, posted a profit of 1,501 billion Norwegian kroner (S$193 billion) in the first half of the year, driven by strong equity markets and a weak krone currency, the fund said on Tuesday.
“The fund’s equity investments had a strong first half after a weak 2022. Equity investments returned 13.7 per cent for the period,” the fund said in a report.
Technology companies delivered the period’s strongest return of 38.6 per cent after a poor year in 2022, it added.
“The sector benefited from strong demand for new artificial intelligence solutions from the biggest Internet and software companies and their semiconductor suppliers,” the fund said.
The fund’s overall return, however, was 0.23 percentage point less than the return on the benchmark index.
The US$1.4 trillion (S$1.9 trillion) fund, which invests the Norwegian state’s revenues from oil and gas production, owns on average 1.5 per cent of all listed stocks worldwide.
It also invests in bonds, unlisted real estate and renewable energy projects. REUTERS
