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HomeLatest NewsThe Norwegian fund (NBIM) earned 130,000 million euros in the first half

The Norwegian fund (NBIM) earned 130,000 million euros in the first half

Date: September 30, 2023 Time: 01:22:59

The Norwegian sovereign wealth fund (NBIM), which treasures a heritage of 1.3 trillion dollars, returned a return of 10% in the first half of 2023, equivalent to 130,000 million euros, which indicates that it is back on the positive path after one of the worst years in its history in 2022.

Norway’s oil and gas wealth manager returned nearly 14% on the stock market in the six months to June, while fixed-income investments returned 2.3%, according to the report published in its website Tuesday night. On the other hand, real estate investments fell by 4.6%.

The return was driven by a rally in tech stocks after a weak 2022. The fund with Oslo managed to navigate the first part of the year as rapid inflation And The Central Banks’ Campaigns To Control Price Increases coincided with turmoil in the banking industry in the United States and Europe.

However, the fund took a hit from the collapse of Silicon Valley Bank, prompting NBIM CEO Nicolai Tangen to tell lawmakers in April that he was focused on minimizing exposure to what he called “bad apples.” in the future after the bankruptcy of several banks in the US.

It has also repeatedly warned that borrowing costs and rising inflation are likely to hurt returns for years to come. The largest stock holdings were in Apple, Microsoft, Alphabet, Amazon and Nvidia at the end of the half, with Swiss company Nestle sixth as its largest investment in a European company. US, Japanese and German Treasury bonds led the fixed income portfolio.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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