World's largest sovereign wealth fund made a whopping $222 billion in profits in 2024; here's the strategy that helped them make money
Fund posted a full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday, as per a report.
Budget with ET
How Budget 2025 can walk the tightrope of India's 'sins'
Will Budget add more firepower to defence industry's local manufacturing?
Sitharaman and co to fuel India's luxe aspirations, premium growth?
The fund's growth in 2024 was driven by a tech rally and has also surpassed last year’s profit of 2.22 trillion kroner, reported CNBC.
Good returns
Norges Bank Investment Management (NBIM) said the sovereign wealth fund was valued at 19.7 trillion kroner at the end of 2024, according to the report. The fund's return on investment was at 13% for the year, 45 basis points lower than the return on its benchmark index, the report added.
CEO of NBIM Nicolai Tangen said the robust stock market had helped the fund to generate good returns, particularly the performance of US technology stocks, reported CNBC. Even deputy CEO Trond Grande highlighted that the tech sector was the primary contributor to the fund's returns.
About NBIM
NBIM manages the fund for the people of Norway. The fund was created in the 1990s to invest the country’s surplus revenues from oil and gas. It now has stakes in over 8,000 companies across 63 countries around the world. Notable investments include major tech players like Apple, Microsoft, Nvidia, and Amazon, with equities making up 70% of its benchmark index.
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By — Metla Sudha Sekhar, IT Specialist and
