Norway’s sovereign wealth fund, the world’s largest, invested over $1.31 billion (TL 39.79 billion) in firm shares in Türkiye as of the tip of 2023, based on the info compiled by Anadolu Agency (AA) from Norges Bank on Wednesday.
Accordingly, the fund value greater than $1.5 trillion overseen by Norges Bank invested a portion of its holdings in 39 diversely sized companies working in varied industries final 12 months.
The fund’s portfolio in Türkiye included shares value roughly $146 million in three power firms: Turkish Petroleum Refineries A.Ş. (Tüpraş), Galata Wind Enerji A.Ş, and the nation’s first and largest flat metal producer, Ereğli Iron and Steel Factories (Erdemir).
Refinery operator Tüpraş obtained the biggest share of the wealth fund funding in Türkiye. The fund owns a 1.3% stake within the firm, with a complete funding of roughly $121.7 million.
The fund invested $106.15 million in Koç Holding, $90.98 million in Birleşik Mağazalar A.Ş (BIM), $73.89 million in Akbank, $63.34 million in Turkish Airlines (THY) and $60.54 million in Aselsan.
The fund’s largest share stake within the Turkish portfolio is in Mavi Giyim Sanayi and Ticaret A.Ş., which holds a 4.18% curiosity with an funding of $32.73 million.
Yataş A.Ş. and Is Investment A.Ş. adopted with the fund holding a 3% share in every. The complete quantity invested within the shares of those firms amounted to $3.68 million and $48.74 million, respectively.
Since 2008, the Norwegian Wealth Fund has boosted its holdings in Turkish firm equities, having beforehand made modest investments in Türkiye since 2001.
Since 1990, the Norwegian Wealth Fund has invested in overseas shares, bonds and actual property markets with the nation’s oil and pure fuel manufacturing returns.
Just a small share of the fund’s earnings can be found to be used by the Norwegian authorities and the bulk should be put aside for future generations.
Last 12 months, the fund invested in 8,859 firms in 65 international locations, and lately, the fund has invested closely in renewable power initiatives.
The market capitalization of the fund reached 15.77 trillion Norwegian kroner ($1.51 trillion) as of Dec. 31, 2023.
The Norwegian Wealth Fund can be all in favour of stakes in main firms working within the transportation, chemical, automotive, software program and metal sectors in Türkiye.
The fund had elevated its investments in Türkiye from $485 million in 2021 to $1.22 billion in 2022.
The fund administration mentioned in a latest assertion that, following a “weak” 2022, a record-breaking $213 billion revenue was achieved final 12 months.
The fund’s most respected firm stakes had been in Microsoft, Apple and Nvidia. The most respected non-tech inventory was pharmaceutical firm Novo Nordisk, which got here in eighth place.
The fund’s return on funding in 2023 stood at 16.1% for the 12 months, 0.18 share factors decrease than the return on its benchmark index, as per a Reuters report earlier this week.
Source: www.dailysabah.com