World’s largest sovereign wealth fund reports $222 billion annual profit on tech rally

World’s largest sovereign wealth fund reports 2 billion annual profit on tech rally


Nicolai Tangen, CEO of Norges Bank Investment Management, at the World Economic Forum in Davos, Switzerland, on Jan. 22, 2025.

Stefan Wermuth | Bloomberg | Getty Images

Norway’s sovereign wealth fund — the largest of its kind in the world — posted full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday, fueled by a tech rally.

Its return on investment came in at 13% for the year, 45 basis points lower than the return on the fund’s benchmark index.

Speaking at a press conference on Wednesday, Norges Bank Investment Management (NBIM) Deputy CEO Trond Grande described a “very, very strong year for equities” as the biggest driver of the fund’s return in 2024.

More specifically, he noted returns had been driven by certain sectors, particularly as a result of a boom in tech stocks.

“Tech [has been] really strong, driven by AI, and also financials due to interest rates being higher for longer,” he said.

This breaking news story is being updated.



Source

Beta stock jumps 9% on billion motor deal with air taxi maker Eve Air Mobility
World

Beta stock jumps 9% on $1 billion motor deal with air taxi maker Eve Air Mobility

Beta Technologies shares surged more than 9% after air taxi maker Eve Air Mobility announced an up to $1 billion deal to buy motors from the Vermont-based company. Eve, which was started by Brazilian airplane maker Embraer and is now under Eve Holding, said the manufacturing deal could equal as much as $1 billion over […]

Read More
Nvidia-backed billion AI startup announces major London expansion
World

Nvidia-backed $4 billion AI startup announces major London expansion

Nvidia-backed video generation startup Luma AI is joining a growing wave of U.S. tech companies launching operations in the U.K., with major plans for a London expansion revealed on Tuesday. The Palo Alto-headquartered startup will look to hire around 200 employees — making up around 40% of its workforce — at its new London base […]

Read More
Euro zone inflation up a notch to 2.2% in November, flash data shows
World

Euro zone inflation up a notch to 2.2% in November, flash data shows

A Christmas market in Cottbus, Germany. Picture Alliance | Picture Alliance | Getty Images Euro zone inflation stood at 2.2% in November, marking a slight rise from the previous month, flash data from data agency Eurostat showed Tuesday. The latest consumer price index reading is just a shade above the European Central Bank’s 2% target. […]

Read More
Powered by WordPress | WP Magazine by WP Mag Plus