Oslo — Norway’s $1.1-trillion sovereign wealth fund, the world’s largest, made record returns on investment in the first quarter amid a surge in tech stocks.
The fund earned 738-billion Norwegian krone from January to March, the highest amount it has ever recorded. When measured in terms of the fund’s international currency basket, the return for the quarter stood at 9.1%, beating its benchmark.Apple made the most positive contribution to the return in the first quarter, the fund said in its quarterly report, followed by Microsoft and Amazon.
The fund participated in the IPOs of tech firms Lyft and Weimob in the first quarter, and in the present quarter it is examining the listings of two large companies, including that of Uber, Slyngstad said.
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