OSLO, Aug. 14 (Xinhua) -- Norwegian Government Pension Fund Global, one of the world's largest sovereign wealth funds, reported a significant return of 8.6 percent for the first half of 2024, equating to 1,478 billion Norwegian kroner (138.46 billion U.S. dollars).
The fund's equity investments led the way with a remarkable 12 percent return, largely fueled by the surge in technology stocks, driven by growing demand for artificial intelligence (AI) solutions, the Norges Bank Investment Management, which manages the fund, said in a statement on Wednesday.
"The equity investments gave a very strong return in the first half of the year. The result was mainly driven by the technology stocks, due to increased demand for new solutions in artificial intelligence," said Nicolai Tangen, CEO of Norges Bank Investment Management.
Currency fluctuations also played a role in boosting the fund's value, as the Norwegian krone depreciated against several major currencies, contributing an additional 315 billion Norwegian kroner.
As of June 30, 2024, the fund's total value stood at 17,745 billion Norwegian kroner. (1 Norwegian krone = 0.094 U.S. dollar) ■
