2023-08-16 12:59:46
Norway’s sovereign wealth fund, the largest in the world, announced profits of 1,501 billion crowns ($143 billion) in the first half of 2023, supported by the strength of stock markets and the weakness of the kroner.
And according to a report published by the fund today, its investments in stocks “ witnessed a strong performance in the first half of 2023 following its weakness in 2022. The return on stock investments is estimated at 13.7% during this period.”
Announcement
The report added that technology companies achieved the highest return in the first half, with a rate of 38.6%, following a weak year in 2022.
“The sector has benefited from strong demand for new AI solutions from major internet and software companies and semiconductor suppliers,” the fund said.
However, the fund’s overall return was 0.23 percentage points lower than the return on the benchmark.
Since the beginning of the year, the world’s largest fund has benefited from the weakness of the krone, increasing the value of assets held in dollars, euros and other foreign currencies.
And so, within six months, the fund erased last year’s huge losses of €142.9 billion as a result of the war in Ukraine and the global economic downturn.
It is noteworthy that the size of the fund amounts to $ 1.4 trillion and invests the Norwegian state’s revenues from oil and gas production, and owns an average of 1.5 percent of listed stocks around the world. It also invests in bonds, unlisted real estate and renewable energy projects.
It also invests in bonds, unlisted real estate and renewable energy projects.
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