World's Largest Sovereign Wealth Fund Rebounds, Reports Record Profit of $213 Billion in 2023
Norway's sovereign wealth fund reported a record profit of $213 billion for 2023. The fund's return on investment was 16.1% for 2023, supported by strong returns from technology stocks. In 2022, the fund reported a record loss of $150 billion due to "very unusual" market conditions. The CEO said equity markets performed well in 2023 despite inflation and geopolitical issues. At the end of 2023, around 80% of the fund was invested in equities and 27.1% in fixed income.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Norway's Sovereign Wealth Fund reported a record profit of $213 billion for 2023.
00:07 The fund's return on investment was 16.1% for 2023, supported by strong returns from technology
00:13 stocks. In 2022, the fund reported a record loss of $150 billion due to very unusual market
00:18 conditions. The CEO said equity markets performed well in 2023 despite inflation and geopolitical
00:24 issues. At the end of 2023, around 80% of the fund was invested in equities and 27.1% in fixed
00:30 income. The CEO noted ongoing geopolitical tensions like US-China relations and Middle
00:34 East conflicts could impact stock markets in 2024. For all things money, visit Benzinga.com.