The Norwegian sovereign wealth fund, one of the largest investors in the world, is increasingly investing in American companies. Nicolai Tangen, the fund’s oil fund manager, believes that Europe lags behind America in terms of ambition, innovation, and regulation. The fund, which holds 1.5 percent of all stocks worldwide, has seen a rise in its investment in American stocks, particularly in tech giants like Google, Amazon, and Apple.
Tangen expresses concern that American companies are outpacing their European counterparts in terms of technology and innovation, leading to significant outperformance of US stocks. While Americans work longer hours on average compared to Europeans, the number of hours worked may not be the sole indicator of success in innovation and technology. Tangen also criticizes the regulatory environment in Europe, which he believes hampers business growth compared to the less regulated landscape in America.
Despite his criticism of European regulation, Tangen emphasizes the importance of sustainability for the Norwegian sovereign wealth fund. The fund prioritizes environmental, social, and corporate governance criteria when making investment decisions. Tangen is also wary of potential backlash from Americans towards sustainability criteria. However, he insists that the fund’s long-term investment strategy remains unchanged regardless of the outcome of the US presidential election.
Overall, Tangen’s views highlight the growing importance of American companies in global investments but also raise questions about the balance between innovation