Nicolai Tangen, CEO of Norges Financial institution Funding Administration, on the World Financial Discussion board in Davos, Switzerland, on Jan. 22, 2025.
Stefan Wermuth | Bloomberg | Getty Pictures
Norway’s sovereign wealth fund — the most important of its sort on this planet — posted full-year revenue of two.5 trillion kroner ($222.4 billion) on Wednesday, fueled by a tech rally.
Its return on funding got here in at 13% for the 12 months, 45 foundation factors decrease than the return on the fund’s benchmark index.
Talking at a press convention on Wednesday, Norges Financial institution Funding Administration (NBIM) Deputy CEO Trond Grande described a “very, very robust 12 months for equities” as the most important driver of the fund’s return in 2024.
Extra particularly, he famous returns had been pushed by sure sectors, significantly on account of a increase in tech shares.
“Tech [has been] actually robust, pushed by AI, and likewise financials because of rates of interest being larger for longer,” he mentioned.
This breaking information story is being up to date.