Norway’s sovereign fund reports $138b profit in H1 ’24

Norway’s $1.7 trillion sovereign wealth fund, the world’s largest, reported a profit of 1.48 trillion Norwegian crowns ($138 billion) for the first half of the year, driven by strong performance in stock markets.

The fund achieved an overall return of 8.6 per cent, slightly below its benchmark index by 0.04 percentage points.

CEO Nicolai Tangen attributed the positive results primarily to technology stocks, particularly those related to artificial intelligence, which saw increased demand.

The fund, which invests Norway’s revenues from oil and gas, holds an average of 1.5 per cent of all listed stocks globally and also invests in bonds, real estate, and renewable energy projects.

Attribution: WAM

Subediting: M. S. Salama