Norway wealth fund earns $109B in Q1 as tech stocks gain ground

Norwegian sovereign wealth fund building

Profits of Norway’s Government Pension Fund Global, the world's largest sovereign wealth fund, rose in the first three months of this year, lifted by technology sector stocks.

Its earnings amounted to 1.2 trillion kroner ($109 billion) in the first quarter of 2024, compared to 893 billion kroner in the same period of the previous year.

The fund's total return on investment reached 6.3%, with the yield on global equities reaching 9.1%. Meanwhile, the yield on the fixed income investments lost 0.4%.

In a statement, Trond Grande, deputy CEO of Norges Bank Investment Management, said the fund’s equity investments had a “very strong return in the first quarter, particularly driven by the tech sector.”

The fund — which manages assets worth $1.6 trillion — invests the surplus revenues of the country’s oil and gas sector in various assets, led by stocks and fixed income instruments.