OSLO (Reuters) – The Norwegian sovereign fund announced on Wednesday a record annual benefit of 2,510 billion crowns (213 billion euros) for 2024, carried by the technological values rally but warned that the high yields in this sector n ‘ were not called to last.
“The year was very good,” said Nicolai Tangen, managing director of Norges Bank Investment Management, the fund operator at a press conference. “We have benefited from massive gains thanks to technology,” he added.
Fund data show that almost 50% of gains come from technological values, first of all, Nvidia is.
Nicolai Tangen warned that these yields may not continue. “I want to recall that it will not last forever,” he said.
On Monday, the values of semiconductors in the United States and Europe experienced a strong sales movement linked to the launch by the Chinese start-up Deepseek of its latest models of artificial intelligence.
In 2024, the fund generated a return on investment of 13%, or 0.45 percentage points below the yield of its reference index.
Investment return was 18% for stocks and 1% for the bond. In unlisted real estate, the yield was negative of 1%. Investments in unlisted renewable energy infrastructure had a yield of less than 10%.
At the end of the year, 71.4% of the fund’s assets were allocated to the shares, compared to 70.9% in 2023. The share of bonds represented 26.6% of investments, real estate not listed 1.8% and 0.1%renewable energy infrastructure.
(Written by Gwladys Fouche, Mara Vilcu, edited by Blandine Hénault)
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