Norway wealth fund posts US$68bil profit for January-June, lifted by finance stocks
The fund's overall return for the January-June period was 5.7 per cent, which was 0.05 percentage point lower than the return on the fund's benchmark index.
"The result is driven by good returns in the stock market, particularly in the financial sector," fund CEO Nicolai Tangen said in a statement.
The fund, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5 per cent of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects.
The return on equity investments was 6.7 per cent percent in the first half, while fixed-income returned 3.3 per cent, unlisted real estate 4.0 per cent and unlisted renewable energy infrastructure 9.4 per cent, Norges Bank Investment Management (NBIM) said in its statement.
NBIM announced on Monday it was terminating contracts with external asset managers handling its Israeli investments and has divested parts of its portfolio in the country over the situation in Gaza and the West Bank.
It is expected to provide more detail on its partial Israeli divestment on Tuesday.
The fund is due to holds a press conference at 0800 CET (0600 GMT).
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