{"id":18858,"date":"2023-04-21T09:42:20","date_gmt":"2023-04-21T09:42:20","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/norways-wealth-fund-posts\/"},"modified":"2023-04-21T09:44:12","modified_gmt":"2023-04-21T09:44:12","slug":"norways-wealth-fund-posts","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/norways-wealth-fund-posts\/","title":{"rendered":"Norway’s wealth fund posts $84 billion quarterly profit"},"content":{"rendered":"

OSLO (Reuters) -Norway’s $1.4 trillion sovereign wealth fund, one of the world’s largest investors, on Friday posted a 5.9% return on investment for the first quarter boosted by rising equity markets.<\/p>\n

“It’s actually one of the strongest quarters we ever had,” Deputy CEO Trond Grande said in a video posted on LinkedIn.<\/p>\n

Despite market turmoil in March amid concerns of a new banking crisis, equity markets provided the biggest boost for the fund, with a nearly 8% gain, he said. <\/p>\n

Meanwhile, falling interest rates benefited its bond portfolio, which returned almost 3%.<\/p>\n

“The rise of the equity market was to a great extent driven by the technology and consumer discretionary sector,” Grande said in a statement.<\/p>\n

The profit of 893 billion Norwegian crowns ($83.89 billion) contrasted with a loss of 653 billion a year earlier.<\/p>\n

Norway has a population of just 5.5 million, meaning the result works out to more than $15,000 per person.<\/p>\n

However, the return was 0.06 percentage point below its benchmark index, said the fund, which has posted positive annual relative returns since 2009.<\/p>\n

The fund, which saves revenue from Norway’s large oil and gas industry, received 217 billion crowns in fresh government funds during the quarter.<\/p>\n

Some 70% of the assets were held in stocks as of March 31, while 27.3% was invested in fixed income, 2.4% in unlisted real estate and 0.1% in unlisted renewable energy infrastructure.<\/p>\n

Norway’s central bank manages the fund, which owns 1.5% of all globally listed shares and has stakes in 9,200 companies.<\/p>\n

It posted a record loss of 1.64 trillion crowns last year.<\/p>\n

($1 = 10.6444 Norwegian crowns)<\/p>\n

(Reporting by Terje Solsvik and Victoria Klesty; additional reporting by Nora Buli; editing by Louise Rasmussen)<\/p>\n

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OSLO (Reuters) -Norway’s $1.4 trillion sovereign wealth fund, one of the world’s largest investors, on Friday posted a 5.9% return on investment for the first quarter boosted by rising equity markets. “It’s actually one of the strongest quarters we ever had,” Deputy CEO Trond Grande said in a video posted on LinkedIn. Despite market turmoil […]<\/p>\n","protected":false},"author":8,"featured_media":18859,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-18858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3K08N-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/18858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=18858"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/18858\/revisions"}],"predecessor-version":[{"id":18955,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/18858\/revisions\/18955"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/18859"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=18858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=18858"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=18858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}