Norway’s $1.6 trillion sovereign wealth fund, the world’s largest, reported on Tuesday a record profit of 2.22 trillion crowns ($213 billion) in 2023, driven by strong returns on its investments in technology stocks. The fund’s most valuable company stakes were in Apple, Microsoft and Nvidia.
The results compared with a record loss in 2022 of 1.64 trillion crowns, when tech stocks fell.
“2023 ended a lot better than expected,” NBIM CEO Nicolai Tangen told a press conference.
The fund’s return on investment in 2023 stood at 16.1% for the year, 0.18 percentage point lower than the return on its benchmark index.
Norway is a major crude oil exporter and Europe’s largest gas supplier after a drop in Russian gas flows in 2022, and has benefited from higher energy prices due to the war in Ukraine.
MacDailyNews Take: There’s a nice profit.
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