Norway’s wealth fund makes record returns, largely on tech stocks
Oslo — Norway’s $1.1-trillion sovereign wealth fund, the world’s largest, made record returns on investment in the first quarter amid a surge in tech stocks. Separately, the fund is assessing whether to make an investment in ride-hailing company Uber Technologies, which is planning an initial public offering (IPO), its CEO says. The fund earned 738-billion Norwegian krone ($84.15bn) from January to March, the highest amount it has ever recorded. When measured in terms of the fund’s international currency basket, the return for the quarter stood at 9.1%, beating its benchmark. “The first quarter was an exceptionally good quarter,” fund CEO Yngve Slyngstad told reporters. Apple made the most positive contribution to the return in the first quarter, the fund said in its quarterly report, followed by Microsoft and Amazon. The investments that made the most negative contributions were pharmaceutical firm AbbVie, bank Swedbank and US consumer services firm CVS Health. Tech unicorns Overal...
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