Tech Rally Buoys Norway Sovereign Wealth Fund’s 13% Return

The investments of Norway’s sovereign wealth fund returned 13% in 2024, down from 16.1% in 2023, raising its asset value to 19.742 trillion kroner ($1.747 trillion) but missing its benchmark by 45 basis points. It was the second straight year the Government Pension Fund Global’s returns fell short of its benchmark.

The fund’s performance was boosted by the pension giant’s equity investments, which returned 18% for the year, while fixed-income investments eked out a 1% return. Unlisted real estate lost 1%, while its renewable energy infrastructure investments dropped 10%. The Norwegian pension’s yearly gain of 1.072 trillion kroner ($95.5 billion) alone would rank among the 10 largest pension funds in the U.S.

Nearly three-quarters of the GPFG’s overall asset value, 14.603 trillion kroner, lies in its equities investments, which are heavily tilted toward tech stocks. The pension fund’s largest equity holdings at year’s end were in Apple and Microsoft at $46.2 billion and $43.8 billion, respectively, followed by Nvidia and Google owner Alphabet at $43 billion and $29.3 billion, respectively.

The GPFG also owns $27 billion worth of Amazon stock and $20 billion worth of Instagram and Facebook owner Meta. Those holdings were followed by Broadcom and Taiwan Semiconductor at $16.7 billion and $15.4 billion, respectively. Tesla and Berkshire Hathaway round out the top 10 at $14.2 billion and $9.5 billion, respectively.

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As of the end of 2024, the pension fund’s asset allocation was 71.4% equities, 26.6% fixed income, 1.8% unlisted real estate and 0.1% in unlisted renewable energy infrastructure. This is a slight change from the previous year’s asset allocation of 70.9% equities, 27.1% fixed income, 1.9% unlisted real estate and 0.1% renewable energy infrastructure

According to the GPFG, because the krone depreciated against several of the main global currencies in 2024, the currency movements helped increase the fund’s value by 1.072 billion kroner. Meanwhile, inflow into the fund totaled 402 billion kroner.

“The fund achieved very good returns in 2024 as a result of a very strong stock market,” Norges Bank Investment Management CEO Nicolai Tangen said in a statement. “The American technology stocks in particular performed very well.”

Norway’s NBIM Takes Top Spot as World’s Largest Asset Owner

Norway’s Pension Fund Global Rebounds in 2023, Still Misses Benchmark

Tags: Government Pension Fund Global, GPFG, NBIM, Nicolai Tangen, Norges Bank, Norges Bank Investment Management, Norway

Julia Mord

Investment management firm Commonfund announced the appointment of Julia Mord as CIO of the firm’s outsourced CIO practice, effective March 31.

Mord will succeed Deborah Spalding, who left Commonfund in September 2024 to join Conservation International as its global head of nature finance. Mark Anson, Commonfund’s CEO and CIO, has filled the role in the interim.

Mord is currently deputy CIO in the Tulane University Investment Management Office, where she led the development and oversight of public market investments within the university’s $2.4 billion endowment and spearheaded the creation of the university’s environmental, social and governance investment policy.

Mord will also chair Commonfund OCIO’s investment and asset allocation committees and will be a member of the private nonprofit’s executive group.

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Commonfund manages $16 billion in assets for 118 outsourcing clients, as of December 31, 2024. The firm counts educational institutions, foundations, public pension funds and other nonprofits among its clients.

“We are thrilled to welcome Julia to Commonfund OCIO and look forward to leveraging her deep investment and institutional expertise as our next CIO,” Yates said in a statement. “Julia’s investment acumen, leadership skills and established industry credibility will enhance our clients’ financial resources to help them effectively achieve their goals.”

Mord was previously an investment officer at multi-asset family office manager AI International. She held roles on the portfolio trading desk at Jefferies and in Ernest & Young’s strategic advisory services group. She earned a bachelor of arts degree in economics from the University of Chicago and an MBA from the Wharton School at the University of Pennsylvania.

“I am honored and excited to accept the opportunity to join Commonfund OCIO as Chief Investment Officer,” Mord said in a statement, “I deeply value the chance to work alongside such a talented team and am eager to contribute to the success of the organization. I look forward to advancing our shared mission of growing and managing client portfolios that drive meaningful impact for their organizations.”