Norway wealth fund posts record $222 billion annual profit on tech boom

Norway's $1.8 trillion sovereign wealth fund, the world's largest, reported on Wednesday a record annual profit of 2.51 trillion crowns ($222 billion), driven by last year's tech rally. "The American technology stocks in particular performed very well," Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), the fund's operator, said in a statement. The fund, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5% of all listed stocks worldwide.