![Norway's wealth fund posts $107 bln first quarter gain](https://www.berlinertageblatt.de/media/shared/articles/49/14/62/Norway-s-wealth-fund-posts--107-bln-303347.jpg)
-
Child abuse scandals hang over pope's East Timor visit
-
Manhunt underway in US after Kentucky highway shooting
-
Biden team, end in sight, keeps hope on Gaza truce despite setbacks
-
Sabalenka dedicates US Open to family 'who never gave up' on dream
-
Venezuela takes diplomatic jab at Brazil in spat over election
-
Multiple people shot along highway in US state of Kentucky
-
'Super proud' Sabalenka downs Pegula to win US Open thriller
-
In Papua New Guinea, Pope holds mass 'at the edge of the world'
-
Hewett stays positive for wheelchair tennis despite agonising defeat
-
Three things on US Open champion Aryna Sabalenka
-
Sabalenka downs Pegula to win US Open thriller
-
USA men land Paralympic basketball three-peat, Jiang takes 7th swim gold
-
USA slump to first home defeat against Canada in 67 years
-
Argentina hand Australia record 67-27 loss in Rugby Championship
-
England impress on Carsley bow, Germany, Dutch hit five
-
AFP photographer wins top prize for Gaza coverage
-
No Love for Packers for three weeks after ligament sprain: reports
-
Pedro Almodovar: chronicler of modern Spain crowned in Venice
-
Almodovar wins top Venice prize for end-of-life film
-
Trump sounds dark tone at rally, Harris 'ready' for debate
-
Wirtz and Musiala dazzle to kick-start new Germany era
-
Chinese teenager takes 7th gold of Paris Paralympics
-
England interim boss Carsley 'respects' divided opinions over anthem
-
Neuville moves to the front in the Acropolis Rally
-
Garfield, Pugh charm Toronto in new romance 'We Live in Time'
-
21 boys confirmed dead in Kenya school inferno
-
Over 100,000 protest in France against new prime minister
-
Golden 30 minutes takes China to swimming Paralympics swimming domination
-
Green leads Australia to T20 series sweep of Scotland
-
Nigeria, Cameroon win afer chaotic AFCON build-ups
-
Nicole Kidman: A-lister, cinematic chameleon, wins in Venice
-
'I had to prove myself', says Kolisi after win against All Blacks
-
Almodovar wins top prize at Venice film festival
-
Grealish savours England redemption after 'worst summer'
-
Carsley makes flying start as England interim boss in win over Ireland
-
Springboks close on Rugby Championship with storming win over All Blacks
-
Sri Lanka's De Silva and Kamindu Mendis defy England in third Test
-
Farrell's Racing lose on opening day of Top 14
-
Ireland and UK to 'reset' relations as Starmer visits Dublin
-
Dunbar takes second Vuelta stage as Roglic closes in on victory
-
Fritz eyes US Open glory to end 21 years of American hurt
-
Thousands protest in France against new prime minister
-
Death toll from Kenya school blaze rises to 21
-
Brazil's right rallies for 'freedom' after X suspended
-
Trump to hold rally in swing state, Harris preps for debate
-
Stone at the double as Sri Lanka collapse against England in third Test
-
French tennis player takes legal action over online abuse
-
Italy backs Kyiv's 'legitimate defence' as Zelensky presses allies
-
The Body Shop rescued from administration after deal
-
Martin roars to victory in San Marino sprint, extends MotoGP lead
![Norway's wealth fund posts $107 bln first quarter gain](https://www.berlinertageblatt.de/media/shared/articles/49/14/62/Norway-s-wealth-fund-posts--107-bln-303347.jpg)
Norway's wealth fund posts $107 bln first quarter gain
Norway's sovereign wealth fund, the world's largest, posted a gain of more than $100 billion in the first quarter amid the global stock market recovery, it said Thursday.
The fund -- fuelled by the Norwegian state's oil and gas revenues -- saw a return of 6.3 percent in the first three months of the year.
The $107 billion gain brought the fund's total value to a dizzying 17.7 trillion kroner ($1.6 trillion) at the end of March, or almost $291,000 for each of Norway's 5.5 million inhabitants.
"Our equity investments had a very strong return in the first quarter, particularly driven by the tech sector," the fund's deputy chief executive Trond Grande said in a statement.
Shares, which accounted for 72.1 percent of the fund's portfolio, saw a 9.1 percent return in the first quarter, buoyed by a stock market rally amid the prospect of falling interest rates.
The fund is the world's biggest single investor, with stakes in some 9,000 companies around the globe and representing 1.5 percent of the total market capitalisation.
Its bond investments, representing 26 percent of assets, meanwhile fell by 0.4 percent in the first quarter. Real estate holdings and those in unlisted renewable energy projects also fell, by 0.5 percent and 11.4 percent respectively.
- Weaker currency -
Norway's currency, the krone, weakened against several main currencies during the quarter, contributing $59 billion to the increase in the fund's value.
According to a ranking by the Sovereign Wealth Fund Institute (SWFI), the Norwegian fund is the biggest in the world, just ahead of the China Investment Corporation.
Created in the early 1990s, the fund is aimed at financing future spending in Norway's generous welfare state, as revenue from oil and gas exports are expected to decline over the long term.
All of the state's oil revenues are placed in the fund: taxes, profits from the state's holdings in oil and gas fields, and dividends from oil firm Equinor, owned 67 percent by the state.
It is managed by the country's central bank.
Norwegian governments are allowed to tap the fund to balance the budget, but within a strictly-defined framework.
They are only allowed to use the fund's estimated returns, not the capital itself, to prevent the fund from being depleted.
All investments are made outside Norway to avoid destabilising the country's economy.
The fund also follows strict ethical guidelines set by the finance ministry.
It is, for instance, barred from investing in companies accused of serious violations of human rights, child labour or serious environmental damage, as well as manufacturers of "particularly inhumane" arms and tobacco firms, and companies which derive a large part of their activities from coal.
Dozens of groups, including giants like Airbus, Boeing, British American Tobacco and Walmart, have therefore been blacklisted by the fund.
C.Meier--BTB