Norway’s wealth fund posts $84 billion first-quarter profit

Norway’s $1.4 trillion sovereign wealth fund, one of the world’s largest investors, on Friday posted a profit of 893 billion Norwegian crowns ($83.89 billion) for the first quarter of 2023, boosted by a rise in the value of its global stock portfolio.

“The rise of the equity market was to a great extent driven by the technology and consumer discretionary sector,” the fund’s deputy CEO Trond Grande said in a statement.

The fund, which saves revenue from Norway’s large oil and gas industry, received 217 billion crowns in fresh government funds during the quarter.

Some 70% of the assets were held in stocks as of March 31, while 27.3% of the funds were invested in fixed income, 2.4% in unlisted real estate and 0.1% in unlisted renewable energy infrastructure.

($1 = 10.6444 Norwegian crowns)