Norwegian Wealth Fund achieves $143 billion profits during H1‎

Norwegian sovereign wealth fund, the largest in the world, announced that it achieved profits of $ 143 billion during the first half, supported by the strength of stock markets and the weakness of the krone.

According to Reuters, the fund confirmed that technology companies achieved the highest return in the first half, by 38.6%, after a weak year in 2022.

“The fund’s investments in stocks witnessed a strong performance in the first half, after its weakness in 2022,” he said in a report. “The return on stock investments reached 13.7% during this period.”

“The sector benefited from the strong demand for new artificial intelligence solutions from major internet and software companies and semiconductor suppliers,” he added.

While the fund’s total return was 0.23 percentage points lower than the return on the benchmark index

The fund has a size of $1.4 trillion and invests the Norwegian state’s revenues from oil and gas production. It also owns an average of 1.5% of listed stocks around the world, in addition to investing in bonds, unlisted real estate and renewable energy projects.

The fund is also the world’s largest single investor in the stock market.