The world's largest sovereign fund reviews investments in US tech giants.
The Norwegian sovereign wealth fund missed the opportunity to profit from the stocks of American tech companies, leading to a decline in returns in 2024. However, the fund proved resilient during the crisis caused by the conflict with a Chinese startup.
According to Bloomberg data, the majority of the fund's assets were in stocks of tech giants such as Apple Inc., Microsoft Corp., and NVIDIA Corp., but they were insufficient compared to the benchmark portfolio. As a result, this fund recorded the third worst performance among shareholders worldwide in 2024.
The fund's Deputy CEO, Trond Grande, stated that this decision was made partly to reduce the risks of correction in the dominant sector of the global stock market.
Despite changing weightings, the fund still increased its holdings in the tech sector last year. CEO Nicolai Tangen mentioned in an interview with Bloomberg that this decision was made due to the impressive profits provided by 'fantastic companies' in the industry.
Read also
- Escalation of Rocket Terror: Ukraine Calls for UN Security Council Meeting
- Hostile drones hit industrial facilities in Zaporizhzhia
- The State Border Guard Service explained why the enemy's infantry groups sharply reduced their activity in Sumy region
- Canada has imposed sanctions against the coach and lover of Putin
- The Russian missile program essentially consists of propaganda - expert
- Pro-Russian cultural center in Berlin costs Germany €70,000 per year
