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Boosted by tech stocks, Norway wealth fund earns US$123b in 2020 | Malay Mail

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OSLO, Jan 28 — Norway’s US$1.3 trillion (RM5.3 trillion) sovereign wealth fund, the world’s largest, earned a return on investment of 1.07 trillion Norwegian crowns in 2020, the second highest in its 25-year history, it said today. “Despite the pandemic having put its mark on 2020, it has...

A general view of the Norwegian central bank, where Norway’s sovereign wealth fund is situated, in Oslo, Norway, March 6, 2018. — Reuters pic

“Despite the pandemic having put its mark on 2020, it has been yet another good year for the fund,” Central Bank Governor Oeystein Olsen said in a statement. The fund is managed by a unit of the central bank. The return on investment was 10.9 per cent last year, 0.27 percentage points higher than the return on the fund’s benchmark index.

“Technology companies had the highest return in 2020, with a return of 41.9 per cent,” fund CEO Nicolai Tangen said in a statement.

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