Norway's giant sovereign wealth fund on Tuesday reported record profit of 2.22 trillion kroner ($213 billion) in 2023, supported by robust returns on its investments in technology stocks.
"Despite high inflation and geopolitical turmoil, the equity market in 2023 was very strong, compared to a weak year in 2022," Nicolai Tangen, chief executive of Norges Bank Investment Management, said in a statement.
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.
Last year, Norges Bank Investment Management said its return on equity investments was 21.3%, its return on fixed income investments came in at 6.1%, while investments in unlisted real estate returned -12.4%.
The fund said a negative year for its unlisted real estate investments was due to rising interest rates and subdued demand.
Persons:
Nicolai Tangen, Norges Bank Investment Management's Tangen
Organizations:
Fund, Norges Bank Investment Management, Technology, Norges Bank Investment
Locations:
America, China