NBIM

The world’s largest sovereign wealth fund just made its largest return ever. But the probability of extreme market events has “arguably risen”, and it’s carrying out stress tests for a more uncertain future.

The world’s largest sovereign wealth fund rode the tech rally for all it was worth but still underperformed its benchmark by a hair’s breadth owing to unlisted real estate and infrastructure woes.

The Future Fund is thinking of restarting its active equity programs with investments in small caps, according to CEO Raphael Arndt, but commentators are split on whether it will find the returns it needs.