Fueled by the oil revenues of the Norwegian State, the largest sovereign fund in the world, reported a return of 6.3% in the first three months of the year
Norway’s sovereign wealth fund, which is the largest in the world, earned more than US$100,000 million in the first quarter of the year, thanks to its stock investments.
The fund, fueled by oil revenues from Norwegian statereported a 6.3% yield in the first three months of the year and profits are total value of the fund to 17,719 billion crowns (US$1,601 billion dollars) at the end of the quarter.
“Our stock investments recorded a very solid performance in the first quarter, thanks in particular to the technology sector,” commented the fund’s number two, Trond Grande, in a statement.
The largest fund in the world
The Norwegian fund is the largest individual investor in the world: with shares in almost 9,000 companies, owns an average of 1.5% of all listed groups on the planet. However, its investments in bonds (26% of assets) fell 0.4% in the first quarter.
The Norwegian fund receives income from the state oil and gas companiesand seeks to finance the future expenses of the country’s generous welfare state.
Source: Ambito
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