Nikolai Tangen, CEO of Norges Bank Investment Management, said on Wednesday that equity investments delivered “very strong” returns in the first half of the year. “The results were mainly driven by technology stocks due to growing demand for new artificial intelligence solutions,” Tangen said in a statement.
Norway's giant sovereign wealth fund said on Wednesday its first-half profit reached 1.48 trillion kroner ($138 billion), driven mainly by strong gains from investments in technology stocks.
The world's largest sovereign wealth fund, the so-called Government Pension Fund Global, said its value reached 17.75 trillion kroner at the end of June.
The fund's overall six-month return was 8.6%, 0.04 percentage points below the return of the benchmark index.
Nikolai Tangen, CEO of Norges Bank Investment Management, said on Wednesday that equity investments had delivered “very strong” returns in the first half of the year.
“The results were mainly driven by technology stocks due to increased demand for new solutions in artificial intelligence,” Tangen noted.
Norway's sovereign wealth fund, one of the world's largest investors, was set up in the 1990s to invest surplus revenues from the country's oil and gas sector. To date, the fund has put capital into more than 8,700 companies in over 70 countries around the world.
This news bulletin is being updated.
