Norway's wealth fund gains US$44b in Q3
Add BT as a preferred source[OSLO] Norway's US$1.16 trillion sovereign wealth fund, the world's largest, gained US$44.31 billion in the third quarter as the rising value of US tech stocks compensated for negative effects of the pandemic.
Founded in 1996, the fund holds stakes in around 9,200 companies globally, owning 1.5 per cent of all listed stocks. It also invests in bonds and real estate.
"The financial markets were still influenced by uncertainty related to the coronavirus. Regardless, equity markets returned well, mostly due to strong performance in the technology sector in (the) US," fund CEO Nicolai Tangen said in a statement.
The fund's overall value is equivalent to approximately US$217,000 for every man, woman and child in Norway.
The overall portfolio had a positive return of 4.3 per cent in the third quarter, led by equities with a 5.7 per cent return, which accounted for 70.7 per cent of the fund's portfolio at the end of September.
The overall return was three basis points lower than the return on the fund's benchmark index, said the fund.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
