The Strategist

Norway's sovereign fund generates $110B in investment returns in Q1

04/19/2024 - 03:15

The largest sovereign wealth fund in the world, the Norwegian Sovereign Pension Fund (also known as the Oil Fund), reported an investment return of 6.3%, or NOK 1.21 trillion ($110 billion), in the first quarter of 2024 amidst soaring stock markets and a sinking national currency.
As of the end of March, the fund reported that its assets under management amounted to NOK 17.72 trillion. 72.1% of the investment portfolio was made up of stock investments, followed by bonds at 26%, real estate at 1.8%, and assets related to renewable energy sources (RES) at 0.1%.

The portfolio of the fund saw a 9.1% return on equity during the first quarter, countering losses of 0.4% from investments in fixed income instruments, 0.5% from real estate, and 11.4% from RES.

The value of the fund climbed by 647 billion kronor between January and March as a result of the krona's depreciation versus many major foreign currencies. The fund received 96 billion kronor in inflows.