World's largest sovereign wealth fund posts record $213 billion profit, boosted by tech stocks

January 30, 2024

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. 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. Correction: At the end of last year, Norges Bank Investment Management said nearly 71% of the fund was invested in equities.