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The Norwegian sovereign wealth fund, the world’s largest, said Thursday in announcing its annual trade results that it had achieved a return on investment of 10.9% in 2020, equivalent to NOK 1.07 trillion ( 122.7 billion dollars).
“Although the pandemic has made its mark on 2020, it has been another good year for the fund,” Governor of the $ 1.3 billion Norwegian Central Bank, Oststein Olsen, said in a statement. A central bank unit manages the fund.
“But the high yield also reminds us that the market value of the fund may differ significantly in the future,” Olsen added.
The Norwegian sovereign wealth fund suffered losses of $ 21 billion in the first half of 2020, as stocks and real estate fell during the Covid-19 pandemic.
The decline came on the heels of record profits for the fund in 2019, when it made a profit of $ 180 billion amid rising global stock markets.
The deputy CEO of the fund has confirmed that global markets are in a state of uncertainty with the outbreak of the pandemic, despite a good rally in some stocks in the second quarter of 2020.
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