World’s No. 1 wealth fund makes US$110bil as stocks soar

Chief executive officer (CEO) Nicolai Tangen, a former hedge-fund manager who’s been running Norway’s giant sovereign investment vehicle for almost a year, had previously cautioned against expecting continued bumper returns. Earlier this week, he said that inflation was now emerging as the biggest threat to returns with both stocks and bonds potentially vulnerable.

OSLO: Norway’s US$1.4 trillion (RM5.93 trillion) sovereign wealth fund, the world’s biggest, generated a 9.4% return in the first half of the year after its investments in energy, finance and technology companies helped drive double-digit gains in its stock portfolio.

The Oslo-based fund returned almost 14% on stocks, with energy investments up nearly 20%, it said yesterday.