The Norwegian Wealth Fund, the largest in the world, grew by $ 44 billion in the third quarter, driven by the rise in US technology stocks.
With the continuing rally in global stock markets Norway’s wealth fund increased by 412 billion kronor ($ 44 billion) in the third quarter.
1.2 trillion dollar fund generating 4.3 percent return. It only 3 basis points below the threshold set by the finance ministry.
A positive return followed the 3.4 percent drop recorded in the first half. The world’s largest wealth fund, technology companies post-pandemic. With the effect of optimism that it is the most prepared sector for the economy, it is preparing to increase its expectations in US stocks, where it registered strong returns.
Norway, which applied to the fund to mitigate the impact of Covid-19 on the public, plans to withdraw a record level this year. “Financial markets were affected by uncertainty due to the corona virus,” said Nicolai Tangen, CEO of Norges Bank Investment Management. Still, the equity markets yielded good returns, largely due to the strong performance of the US tech industry.