Norway's wealth fund gains US$44b in Q3
[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.
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REUTERS
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