Nicolai Tangen at a supported presentation in August 2024, Photo: Heiko Junge / NTB Scanpix / Profimedia Images
Norway's sovereign investment fund, worth $ 1,700 billion, the largest in the world, reported a quarterly loss of 415 billion Norwegian wreaths (39.72 billion dollars), caused largely by negative returns in the technological sector, Reuters reports.
“The quarter was influenced by significant market fluctuations,” said Nicolai Tangen, the general manager of the Norges Bank Investment Management (NBIM), the fund administrator, in a statement.
NBIM, which invests the revenues of the Norwegian state obtained from oil and gas production, is one of the largest investors in the world, controlling 1.5% of all the actions listed globally. It also invests in bonds, real estate and active in the field of renewable energy.
More than half of its assets were held in the United States, in the form of shares, state securities and properties, according to the data of the Fund at the end of 2024.
The shares of the big American companies were hit hard at the end of January by the launch of the Chinese model of Deepseek, and then by the generalized decrease of the American scholarship in the context of the commercial wars triggered by President Donald Trump.
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We confirm Nicolai Tangen, 58 years old, for a new term of general manager on March 18 this year.
“The creation of the wealth of the Norwegian people is the most full of service rewards I have ever had. I therefore deeply appreciate the renewal of confidence and I look forward to the five-year period with my talented colleagues,” Tangen said at that time.
The Central Bank of Norway, the entity that manages the Sovereign Fund, invested about 70% of the stock assets in shares, about 25% in fixed income tools and the rest in real estate and infrastructures in the field of renewable energies.
Last year, the Sovereign Investment Fund of Norway reported a record profit of 2,510 billion Norwegian crowns ($ 222 billion), following the advance of the actions of companies in the field of technology.
It was the second year with annual record profits for the fund, exceeding the level of 2,200 billion Norwegian crowns in 2023.
