Tech stocks help Norway wealth fund to third-quarter gain

OSLO - Norway’s $1.16 trillion sovereign wealth fund, the world’s largest, reported a third-quarter gain of 412 billion crowns on Thursday, fueled partly by rises in U.S. technology stocks during the coronavirus crisis.Tech was among the few industries to benefit from lockdown measures to curb the spread of the pandemic, with more people working and shopping from home.

Founded in 1996, the Norwegian fund holds stakes in around 9,200 companies globally, owning 1.5% of all listed stocks. It also invests in bonds and real estate.The fund said in August it expected more turmoil on financial markets as the world continued to fight COVID-19, with the full impact on the real economy still unclear. [nL8N2FK1KL]

“We do not have a clear view on what that means for certain sectors, whether we are going to travel as much as we did, or if we are going to change our habits,” he said.Despite the turmoil, the fund made a positive return of 4.3% in the third quarter, led by equities, which accounted for 70.7% of its portfolio at the end of September, with a 5.7% return.

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