Daily Management Review

Norway's sovereign wealth fund sees record returns in 2023


The largest sovereign wealth fund in the world, the State Pension Fund of Norway (often known as the Oil Fund), has reported a record profit of 2.222 billion kroner ($213 billion) for 2023.

EdleRennemo - pixabay.com
EdleRennemo - pixabay.com
The fund noted that its 16.1% return on investments was partly attributable to the depreciation of the country's currency and the increase in the value of technology companies' stocks.

The fund's returns on equity investments were 21.3%, fixed income investments yielded 6.1%, and renewable energy assets produced 3.7%. The real estate interests lost 12.4% in the interim.

In 2023, the equities market outperformed a weak year of 2022, despite high inflation and geopolitical unrest. CEO of Norges Bank Investment Management Nicolai Tangen stated, "Technology stocks in particular have performed very well."

source: reuters.com