Norway's Sovereign Wealth Fund Posts Record Profit of $222 Billion
OSLO (Reuters) - Norway's $1.8 trillion sovereign wealth fund, the world's largest, reported a record annual profit of 2.51 trillion crowns ($222 billion) on Wednesday.
The fund's CEO, Nicolai Tangen of Norges Bank Investment Management (NBIM), attributed the strong performance to the tech rally of 2021. "The American technology stocks in particular performed very well," Tangen noted.
As one of the world's largest investors, the fund manages the Norwegian state's revenues from oil and gas production. Its portfolio includes approximately 1.5% of all listed stocks worldwide, as well as investments in bonds, real estate, and renewable energy assets.
($1 = 11.2858 Norwegian crowns)