OSLO, Jan 27 (Reuters) - Norway's sovereign wealth fund, the
world's largest, earned a return on investment of 1.58 trillion
Norwegian crowns ($177 billion) last year, the second highest on
record, with the biggest boost coming from tech stocks, it said
The $1.3 trillion fund's return on investment stood at 14.5%
for the year, which was 0.74 percentage point higher than the
return on the fund's benchmark index.
"The good results are mainly due to very strong developments
in the equity market throughout the year," Chief Executive
Nicolai Tangen said in a statement.
"There was good return in all sectors, but the investments
in technology and financials performed particularly well," he
Tech stocks made a return of 30.2%, making it the
Founded in 1996, the fund invests revenue from Norway's oil
and gas sector and holds stakes in some 9,100 companies
globally, owning 1.4% of all listed stocks. It also invests in
bonds, unlisted real estate and renewable energy infrastructure.
Last year's return was the second highest in the fund's
history, exceeded only by the 1.69 trillion crowns earned in
The biggest individual contributors to the fund's returns
were Microsoft Corp, Alphabet Inc and Apple
Inc, presentation material showed.
On a country basis, investments in the United States
contributed the most, with 960 billion crowns in returns,
followed by Britain with 112 billion crowns.
The fund holds the equivalent of $244,000 for every
Norwegian man, woman and child.
($1 = 8.9498 Norwegian crowns)
(Reporting by Victoria Klesty, editing by Terje Solsvik and