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The fund’s performance was attributed to a stock market surge due to the decline interest rates.
The overall return for the quarter stood at 4.4%, which was 0.1 percentage points below the return of its benchmark index.
Established in the 1990s, Norway’s sovereign wealth fund, the largest in the world, invests the surplus revenue from the nation’s oil and gas sector. The fund has invested in over 8,800 companies across more than 70 countries to date.
Despite high inflation and geopolitical unrest, the equity market in 2023 was strong, compared to a very weak year in 2022. It follows a record loss of 1.64 trillion Norwegian kroner for the whole of 2022, which the fund attributed to ‘very unusual’ market conditions at the time.
Norway’s sovereign wealth fund on Tuesday 30th January 2024 reported a record profit of 2.22 trillion kroner ($213 billion) in 2023, supported by robust returns on its investments in technology stocks.
The ‘Government Pension Fund Global’, one of the world’s largest investors, reportedly said the fund marked its highest return in kroner ever, with the fund’s return on investment last year coming in at 16% for the year.
Norway’s sovereign wealth fund, the world’s largest, was established in the 1990s to invest the surplus revenues of the country’s oil and gas sector. To date, the fund has put money in more than 8,500 companies in 70 countries around the world.
See wealth fund rankings table here