OSLO (Reuters) – Norway’s $1.16 trillion sovereign wealth fund, the world’s largest, gained 412 billion crowns ($44.31 billion) in the third quarter as the rising value of U.S. tech stocks compensated for negative effects of the pandemic.
Founded in 1996, the fund holds stakes in around 9,200 companies globally, owning 1.5% of all listed stocks. It also invests in bonds and real estate.
“The financial markets were still influenced by uncertainty related to the coronavirus. Regardless, equity markets returned well, mostly due to strong performance in the technology sector in (the) U.S.,” fund CEO Nicolai Tangen said in a statement.
The fund’s overall value is equivalent to approximately $217,000 for every man, woman and child in Norway.
The overall portfolio had a positive return of 4.3% in the third quarter, led by equities with a 5.7% return, which accounted for 70.7% of the fund’s portfolio at the end of September.
The overall return was three basis points lower than the return on the fund’s benchmark index, said the fund.
(Reporting by Gwladys Fouche, editing by Nora Buli)
