BUSINESS-ECONOMY
Managed by Norges Bank Investment Management (NBIM), the fund saw an overall return of 8.6 per cent, bringing its total value to 17.75 trillion kroner by June's end, as stated in a report by CNBC, US. Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, reported an impressive profit of $138 billion in the first half of 2024, primarily driven by significant gains in technology stocks. Managed by Norges Bank Investment Management (NBIM), the fund saw an overall return of 8.6 per cent, bringing its total value to 17.75 trillion kroner by June's end, as stated in a report by CNBC, US. Further, the fund's strong performance was largely attributed to a surge in demand for artificial intelligence (AI) solutions, which bolstered returns in its equity investments. According to Nicolai Tangen, CEO of NBIM, equity investments yielded a robust 12.5 per cent return during this period, highlighting the substantial impact of AI-driven technologies on the market. While the equity portfolio thrived, the fund's fixed income and unlisted real estate investments experienced slight losses. Additionally, the unlisted renewable energy infrastructure portfolio recorded a negative return of 17.7 per cent, affected by rising capital costs. Looking ahead, Tangen expressed caution about future market growth, citing heightened geopolitical risks and global uncertainties that could impact stock market performance. The fund, established in the 1990s to invest Norway's surplus oil and gas revenues, remains a key global investor, with stakes in over 8,700 companies across more than 70 countries. A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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