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Norway wealth fund posts record $222 bln annual profit on tech boom

Norway's sovereign wealth fund, the world's largest, reported a record profit of 2.22 trillion Norwegian crowns ($213 billion) for 2023, driven by a significant tech sector boom. The fund, which invests Norway's oil and gas revenues abroad, saw its value increase by 16% over the year, with technology stocks like Microsoft, Apple, NVIDIA, Meta, and Alphabet contributing significantly to the gains. Despite global economic challenges, the fund's equity investments returned 21.3%, while fixed income investments saw a 6.1% return. However, the fund experienced losses in its unlisted real estate and renewable energy infrastructure sectors. The fund's CEO, Nicolai Tangen, highlighted the importance of technology investments in driving these exceptional results, although he also noted the volatile nature of financial markets.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/norway-wealth-fund-posts-record-222-bln-annual-profit-tech-boom-2025-01-29/ ]