World’s largest sovereign wealth fund reports record $222 billion annual profit on tech rally.
Norway’s sovereign wealth fund — the largest of its kind in the world — posted full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday, fueled by a tech rally.
The fund’s 2024 profit surpassed the record set a year earlier, when it achieved full-year profit of 2.22 trillion kroner.
The Government Pension Global Fund was valued at 19.7 trillion kroner at the end of 2024, Norges Bank Investment Management (NBIM) said in an earnings report. The fund’s return on investment came in at 13% for the year, 45 basis points lower than the return on its benchmark index.
“The fund achieved very good returns in 2024, as a result of a very strong stock market. The American technology stocks in particular performed very well”, Norges Bank Investment Management CEO Nicolai Tangen said in a statement.
Speaking at a press conference on Wednesday, NBIM Deputy CEO Trond Grande described a “very, very strong year for equities” as the biggest driver of the fund’s return in 2024.
Source: CNBC