August 8, 2022

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The Petroleum Fund received a return of 1,580 billion NOK last year

The Petroleum Fund received a return of 1,580 billion NOK last year

The new figures provided by the Oil Fund appear at ten o’clock on Thursday.

The return of the fund was 0.74 percentage points higher than the return on the benchmark index. This corresponds to 76 billion NOK.

– The good result is due primarily to the very strong development of the stock market throughout the year. There were positive returns across all sectors, but particularly investments in technology and finance performed well. The director of the Petroleum Fund, Nikolai Tangin, said in a press release that investments in technology received a return of up to 30.2 percent.

Photo: Martin Berg Isaksen / TV 2

The Petroleum Fund was valued at NOK 12.340 billion on December 31, 2021. 72% of the fund was invested in stocks, 25.4% in fixed income securities, and the rest was invested in real estate and renewable energy infrastructure.

The return on equity investments was 20.8 percent, while the return on fixed income investments was -1.9 percent.

Microsoft was the only company that contributed the largest proportion in return, at NOK 78 billion, ahead of Google’s NOK 64 billion Alphabet and Apple’s NOK 61 billion. Companies such as Tesla and NestlĂ© also made a strong contribution.

according to E24 It is the second-highest return ever measured in kr, and only surpassed by 2019 as the fund received a return of kr 1,692 billion.

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