Earnings

World’s largest sovereign wealth fund posts $110 billion in first-quarter profit as tech stocks surge

The facade of Norway’s central bank, also known as Norges Bank, in Oslo, Norway.
Bloomberg | Bloomberg | Getty Images

Norway’s giant sovereign wealth fund on Thursday reported first-quarter profit of 1.21 trillion kroner ($109.9 billion), supported by robust returns on its investments in technology stocks.

“Our equity investments had a very strong return in the first quarter, particularly driven by the tech sector,” Trond Grande, deputy CEO of the fund, said in a statement.

Norway’s sovereign wealth fund, the world’s largest, was established in the 1990s to invest the surplus revenues of the country’s oil and gas sector. To date, the fund has put money in more than 8,800 companies in more than 70 countries around the world.

This breaking news story is being updated.

Articles You May Like

E.l.f. Beauty posts first $1 billion year, but shares fall on weaker-than-expected guidance
Palm Beach housekeepers are making $150,000 a year due to massive demand from the wealthy
CFPB says buy now, pay later firms must comply with U.S. credit card laws
JPMorgan CEO Jamie Dimon signals retirement is closer than ever
Fed Governor Waller wants ‘several months’ of good inflation data before lowering rates

Leave a Reply

Your email address will not be published. Required fields are marked *