Norway's Wealth Fund Achieves Record Profit Amid Tech Surge
Norway's sovereign wealth fund, the largest globally, achieved a record profit of 2.51 trillion crowns in 2024, primarily due to a tech stock rally. However, CEO Nicolai Tangen cautioned that such high returns may not persist. The fund is cautious about AI stock corrections but remains deeply invested in tech.
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Norway's massive $1.8 trillion sovereign wealth fund, the largest in the world, reported an unprecedented annual profit of 2.51 trillion crowns ($222 billion) this past year. This achievement, driven by last year's tech boom, surpasses the previous record and marks the second consecutive year of substantial returns.
Nicolai Tangen, CEO of Norges Bank Investment Management, announced at a press conference, 'It was a very strong year.' He cited significant gains from technology stocks, particularly Nvidia, which contributed nearly half of the fund's returns. However, Tangen warned that these returns are unlikely to be sustainable in the long run.
Despite the tech sector's volatility amidst recent AI concerns, the fund, a significant global investor holding an average 1.5% of listed stocks, hasn't made major strategic adjustments. Investment allocations remained largely steady with equities increasing slightly, even as bonds and unlisted real estate saw minor declines in 2024.
(With inputs from agencies.)