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Norway’s Sovereign Wealth Fund Posts $110 Billion Profit

Norway’s sovereign wealth fund, the largest of its kind in the world, has reported a first-quarter profit of $109.9 billion U.S. due largely to its investments in technology stocks.

The “Norway Government Pension Fund Global,” as it is officially known, was valued at $1.61 trillion U.S. at the end of March this year.

The return on the fund’s stock investments in Q1 came in at 9.1%. Much of that gain came from investments in meg-cap tech stocks such as Amazon (AMZN) and Nvidia (NVDA).

One of the world’s largest investors, Norway’s sovereign wealth fund was established in the 1990s to invest surplus revenues from the country’s oil and gas sector.

To date, the fund has put money into more than 8,800 companies across 70 countries.

However, while the return on its equity investments was strong, Norway’s sovereign wealth fund saw weak results from its real estate holdings during the January through March quarter.