Norway sovereign wealth fund posts over $76B profit in Q3 2024

Norwegian sovereign wealth fund headquarters

The Norwegian sovereign wealth fund, the largest of its kind globally, reported profits of 835 billion Norwegian crowns ($76.41 billion) for the third quarter of the year.

In its financial report released today, Oct. 22, the fund, valued at $1.8 trillion, attributed these gains to a decline in global interest rates, which contributed to improved stock market performance.

The fund's total investment return from July to September 2024 was 4.4%, which is 0.1% lower than the benchmark index that tracks its performance.

Return on the fund's equity investments, accounting for 71.4% of its total value in the third quarter, was 4.5%, compared to 4.2% for investments in fixed-income securities, which made up nearly 27% of the fund's value.

Trond Grande, Deputy CEO of the fund's manager, Norges Bank Investment Management, stated that the fund achieved positive returns across all sectors in which it invests, thanks to the stock market recovery resulting from interest rate cuts.

Established in the 1990s to invest surplus profits from the country’s oil and gas sector, the Norwegian sovereign wealth fund has invested in over 8,760 companies across 71 countries to date, including US electric vehicle maker Tesla.