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.



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