Norway’s colossal $1.8 trillion sovereign wealth fund, one of the world’s largest, posted a robust 13% return in 2024, translating to a staggering $222 billion gain. This impressive performance was largely fueled by the booming US technology sector.

Investors willing to go against the market in the coming months should consider selling US technology stocks and private credit, while boosting holdings in China, according to the head of Norway’s $1.

Norway’s sovereign wealth fund last year returned 13%, or $222 billion, but missed its self-imposed target for the second year in a row despite gains from the booming US technology sector.

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, but warned that strong returns won't last forever.