US Markets

Norway's wealth fund gains $44 bln in Q3

Credit: REUTERS/INTS KALNINS

Norway's $1.16 trillion sovereign wealth fund, the world's largest, gained 412 billion crowns ($44.31 billion) in the third quarter as the rising value of U.S. tech stocks compensated for negative effects of the pandemic.

Adds detail

OSLO, Oct 15 (Reuters) - Norway's $1.16 trillion sovereign wealth fund, the world's largest, gained 412 billion crowns ($44.31 billion) in the third quarter as the rising value of U.S. tech stocks compensated for negative effects of the pandemic.

Founded in 1996, the 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 financial markets were still influenced by uncertainty related to the coronavirus. Regardless, equity markets returned well, mostly due to strong performance in the technology sector in (the) U.S.," fund CEO Nicolai Tangen said in a statement.

The fund's overall value is equivalent to approximately $217,000 for every man, woman and child in Norway.

The overall portfolio had a positive return of 4.3% in the third quarter, led by equities with a 5.7% return, which accounted for 70.7% of the fund's portfolio at the end of September.

The overall return was three basis points lower than the return on the fund's benchmark index, said the fund.

Market value of Norway's wealth fundhttps://tmsnrt.rs/3dsFF1w

Top 10 sovereign wealth fundshttps://tmsnrt.rs/3163qre

(Reporting by Gwladys Fouche, editing by Nora Buli)

((gwladys.fouche@tr.com; +47 21 04 05 53; Reuters Messaging: Twitter handle: @gfouche))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

PMDP

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More