The Norwegian sovereign wealth fund, considered the world's largest, made record profits in 2023 thanks to investments in technology stocks. This is reported by CNBC.
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Financial result of the fund
B In total, the fund earned 2.22 trillion Norwegian kroner ($231 billion), which became a historical record for it. The fund's return on investment last year was 16.1%.
“Despite high inflation and geopolitical turmoil, the stock market in 2023 was very strong compared to the weak previous year,” said the chief executive of Norges Bank. Investment Management Nikolai Tangen.
The publication also notes that the fund has resumed its losses of NOK 1.66 trillion recorded in 2022.
What is a sovereign fund
< p>It is a sovereign wealth fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity funds or hedge funds.
Sovereign Wealth Fund Norway, the world's largest, was created in the 1990s to invest excess revenues from the country's oil and gas sector. To date, the fund has invested in more than 8,500 companies in 70 countries.