Tech Stocks Drive Strong Returns for World’s Largest Sovereign Wealth Fund

The Government Pension Fund Global, the world’s largest sovereign wealth fund, announced its first-quarter profit of 1.21 trillion kroner ($109.9 billion) in front of Norway’s central bank, Norges Bank in Oslo. The fund’s equity investments in technology stocks drove strong returns during the first quarter, contributing to its overall success.

Trond Grande, the deputy CEO of the fund, highlighted the exceptional performance of their equity investments in the tech sector at a press conference earlier today. At the end of March, the fund had a value of 17.7 trillion kroner.

While the fund described the relative return on equity and fixed income investments as positive, it noted that weak results from real estate investments led to an overall negative result. The fund reported a 9.1% return on equity investments, a -0.4% yield on fixed income investments, and a -0.5% return on unlisted real estate investments. Additionally, the return on unlisted renewable energy infrastructure was -11.4%.

Despite these setbacks, the fund’s overall return was only slightly lower than the benchmark index. Established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector,