World’s Biggest Stock Owner Says Banks Just Displaced Tech
- Financial stocks make up 14.6% of the fund’s investments
- Fund’s deputy CEO says be prepared for things to turn quickly
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The world’s biggest owner of listed equities, Norway’s $1.3 trillion wealth fund, says financial firms have displaced tech stocks as the main drivers of returns.
Norges Bank Investment Management, which owns about 1.5% of global stocks, beat its benchmark index in the first quarter, and also outperformed the MSCI World Index.