Norway’s wealth fund surges $84b in quarter

OSLO. Norway’s $1 trillion sovereign wealth fund gained $84 billion in the first quarter, or $16,000 per citizen, after it took advantage of a market sell-off late last year to build its massive portfolio.

“This is the fund’s best quarterly return measured in kroner ever,” said Yngve Slyngstad, its chief executive officer, in a statement. “As a major equity investor we must be prepared for large fluctuations in the fund’s market value in line with developments in global stock markets.” The Oslo-based fund, which holds on average 1.4 per cent of global stocks, benefited from a rally in global equity markets in the first quarter as well as rising bond prices as central banks signalled an end to tighter policy.