Tech stocks behind $123bn gain at Norway sovereign wealth fund
2020 was a dramatic year for Norway’s wealth fund
28 January 2021 - 17:20
Norway’s sovereign wealth fund, the world’s biggest, returned $123bn in 2020 as the stratospheric rise in technology stocks padded a portfolio already buoyed by markets fattened on crisis support packages.
The $1.3-trillion fund returned 10.9% overall, it said on Thursday. Its stock portfolio delivered 12.1%, helped in large part by a 42% bounce in tech stocks led by Apple and Amazon.com. Bonds returned 7.5% while real estate lost 0.1%. The fund said its total return was about 0.3 percentage points above its benchmark...
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