Norway's Wealth Fund Soars with $76 Billion Profit
Norway's sovereign wealth fund, the largest globally, achieved an impressive profit of 835 billion Norwegian crowns in Q3. Benefiting from falling interest rates, the fund's return was slightly below its benchmark, with equities and fixed-income assets contributing significantly to the growth.
Norway's $1.8 trillion sovereign wealth fund, renowned as the world's largest, experienced a substantial upswing in profits, generating 835 billion Norwegian crowns ($76.41 billion) during the third quarter, according to a statement on Tuesday. The surge was attributed to falling interest rates which boosted stock markets.
For the July-September period, the fund reported a 4.4% return on investment, slightly trailing behind its benchmark index by 0.1 percentage points. Equities made up 71.4% of the fund's value during this period and achieved a return of 4.5%.
Meanwhile, fixed-income investments, comprising 26.8% of the fund's assets, yielded a return of 4.2%. This robust performance underscores the fund's strategic asset allocation, even amidst market fluctuations. ($1 = 10.9278 Norwegian crowns)
(With inputs from agencies.)
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