Norway's Sovereign Wealth Fund Achieves a 4.4% Return in Q3

Norway's sovereign wealth fund achieved a 4.4% return, equivalent to 835 billion Norwegian kroner (76.23 billion USD), in the third quarter of 2024, driven by strong equity markets and a weakened krone. Norges Bank Investment Management, the investment arm of the Norwegian Central Bank that manages the world's largest sovereign wealth fund, reported that as of September 30, the fund's size reached 18.87 trillion Norwegian kroner, equivalent to 1.723 trillion dollars. As of today, the fund is valued at 19.29 trillion kroner. Trond Grande, Deputy Chief Executive Officer of Norges Bank Investment Management, stated, "We achieved a positive return across all investment areas. Falling interest rates led to a broad rise in the stock market." In the third quarter, equity investments yielded a 4.5% return, fixed-income investments returned 4.2%, unlisted real estate provided 0.8%, and unlisted renewable energy infrastructure brought a 10.8% return. It was noted that the Norwegian krone weakened against several key currencies during the quarter, increasing the fund's value by 191 billion kroner. The fund's assets were allocated as follows: 71.4% in equities, 26.8% in fixed-income securities, 1.7% in unlisted real estate, and 0.1% in unlisted renewable energy infrastructure.