Nicolai Tangen, CEO of Norges Bank Investment Management, at the World Economic Forum in Davos, Switzerland, on Jan. 22, 2025.
Stefan Wermuth | Bloomberg | Getty Images
Norway’s sovereign wealth fund — the largest of its kind in the world — posted full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday, fueled by a tech rally.
Its return on investment came in at 13% for the year, 45 basis points lower than the return on the fund’s benchmark index.
Speaking at a press conference on Wednesday, Norges Bank Investment Management (NBIM) Deputy CEO Trond Grande described a “very, very strong year for equities” as the biggest driver of the fund’s return in 2024.
More specifically, he noted returns had been driven by certain sectors, particularly as a result of a boom in tech stocks.
“Tech [has been] really strong, driven by AI, and also financials due to interest rates being higher for longer,” he said.
This breaking news story is being updated.