Record Returns on Tech Sector Investments Fuel Norway’s Sovereign Wealth Fund’s Profit

In Oslo, Norway, the facade of Norges Bank served as the backdrop for the announcement of the Government Pension Fund Global’s first-quarter profit. The world’s largest sovereign wealth fund reported strong returns on its investments in technology stocks, contributing to its overall success.

Trond Grande, the deputy CEO of the fund, highlighted the exceptional performance of their equity investments in the tech sector during the first quarter. At the end of March, the fund had a value of 17.7 trillion kroner ($109.9 billion).

While the fund described the relative return on equity and fixed income investments as positive, it noted that weak results from real estate investments led to an overall negative result. The fund reported a 9.1% return on equity investments, a -0.4% yield on fixed income investments, and a -0.5% return on unlisted real estate investments. Additionally, the return on unlisted renewable energy infrastructure was -11.4%.

Despite these setbacks, the fund’s overall return was only slightly lower than the benchmark index. Established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector,