Norway Sovereign Wealth Fund Invested $841 Million In Indian Stocks In 2023
The value of fund’s India holdings surged 40% to $24 billion in 2023.
The world’s largest wealth fund, Norway Sovereign Wealth Fund, invested $841 million in 62 Indian companies during 2023. The $1,576-billion fund released its full portfolio of holdings across countries and stocks on Tuesday.
An interesting aspect of the fund’s India investments is the surge in market value. The market value of fund’s India holdings at the end of December 2023 was nearly $24 billion, a rise of 40% from the previous year’s $17.12 billion.
The fund has invested in 461 Indian companies, most of which are mid and small-cap companies. Reliance Industries Ltd. and HDFC Bank Ltd. were the top holdings in the India portfolio, with a holding value of $1.78 billion and $1.5 billion, respectively.
With an ownership of 0.56% in the company, Jio Financial Services Ltd. was the biggest among the new additions to the fund, with a final holding value of over $100 million.
Bajaj Electricals Ltd. and Home First Finance Co. took the top spot among companies with the largest additions to ownership.
Holding value for Punjab National Bank grew the most among any company, surging to 68 times its initial level, with an addition of 0.38% in ownership of the company.
Popularly known as the Norway Sovereign Wealth Fund, the actual name of the fund is Government Pension Fund Global. During 2023, the fund made a profit of $213 billion, 50% of which came from their holdings in big tech companies.
