Oil fund says banks just displaced tech

The world's biggest owner of listed equities, Norway's EUR 1.3trn wealth fund, says financial firms have displaced tech stocks as the main drivers of returns.

Trond Grande, Deputy chief executive officer, Norges Bank Investment Management | Photo: PR: NBIM

Norges Bank Investment Management, which owns about 1.5 percent of global stocks, beat its benchmark index in the first quarter, and also outperformed the MSCI World Index.

"Over time, and especially last year, it was technology and green stocks" that drove returns, Trond Grande, the fund's deputy chief executive, says by phone.

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