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$84 billion quarterly profit reached for Norway’s wealth fund in first quarter of 2023

Norway saw a profit of $84 billion within the first quarter of 2023, making it a 5.9% return on investment of its $1.4 trillion sovereign wealth fund.

Speaking via a video on LinkedIn, Deputy CEO of Norges Bank Investment Management, Trond Grande, commented, “It’s actually one of the strongest quarters we ever had.”

March brought with it some concerns about a new banking crisis, but equity markets provided the biggest boost for the fund of almost an 8% gain.

“The rise of the equity market was to a great extent driven by the technology and consumer discretionary sector,” claimed Grande.

This profit of $84 billion Norwegian Krone was a contrast compared to the loss of $653 billion in 2022.