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World’s largest sovereign wealth fund returns 5.8% amid AI optimism
Category: Business News
Norway’s $2 trillion sovereign wealth fund — the largest of its kind in the world — on Wednesday reported a 5.8% return during the third quarter, powered by strong stock market gains and AI optimism.
Norges Bank Investment Management (NBIM) manages the fund on behalf of the Norwegian population. Set up in the 1990s to invest excess revenues from Norway’s oil and gas industry, the enormous Government Pension Fund Global is currently invested in assets across 70 countries, including almost 9,000 companies.
Its portfolio comprises a mix of equities, fixed income, renewable energy infrastructure and real estate.
The return on its equity investments for the quarter was 7.7%, while its fixed income investments made 1.4%. Renewable energy infrastructure added 0.3%, while real estate returned 1.1%.
Source: CNBC