Norwegian Wealth Fund invested $1.3 billion in companies in Turkiye. Tupras received the largest share of the fund’s investments in Turkiye with approximately $121.7 million. The largest share of the fund in its Turkiye portfolio is in Mavi Giyim with 4.18%.
Norway’s sovereign wealth fund, worth more than $1.5 trillion, invested $1 billion 306 million 58 thousand in the stocks of some companies in Turkiye by the end of 2023.
According to information compiled from data from Norges Bank, which manages the Norwegian Wealth Fund, the fund used some of its assets to purchase shares of 39 companies of different scales operating in various fields last year.
While the total investment of the Norwegian Wealth Fund, the world’s largest wealth fund, in the shares of Turkish companies reached $1 billion 306 million 58 thousand, the fund’s portfolio also included shares of Turkish Petroleum Refineries Inc. (Tupras), Galata Wind Energy, Eregli Iron and Steel Factories (ERDEMIR).
The fund’s partnership share value in the three energy companies in question was recorded as approximately $146 million.
TUPRAS RECEIVED THE BIGGEST INVESTMENT
Tuperas received the largest share of the Norwegian Wealth Fund’s investments in Turkiye. The total investment of the fund, which owns 1.30% of Tupras shares, in the said company reached approximately $121.7 million.
The fund invested $106 million 154 thousand in Koc Holding, $90 million 984 thousand in Birlesik Magazalar Inc. (BIM) shares, and $73 million 89 thousand in Akbank shares, $63 million 389 thousand in Turkish Airlines shares and $60 million 539 thousand in Aselsan shares.
LARGEST SHARE IS IN MAVI GIYIM
The fund’s largest share in its Turkiye portfolio is in Mavi Giyim, of which it owns 4.18%. The amount of investment in Mavi Giyim was $32 million 734 thousand.
This company is followed by Yatas and Is Yatirim with a share of 3% each. The total investment amount tied to the stocks of the companies in question amounted to $3 million 688 thousand and $48 million 741 thousand, respectively.
The Norwegian Wealth Fund, which has been making small investments in Turkiye since 2001, has increased its investments in the stocks of Turkish companies since 2008.
SHARES, BONDS, PROPERTY
The Norwegian Wealth Fund has been investing in foreign countries’ stocks, bonds and real estate markets with the returns from the country’s oil and natural gas production since 1990.
The Norwegian government is able to use only a small portion of the fund’s revenues, with the remaining large portion being saved for future generations.
INVESTED IN 65 COUNTRIES
The fund, which invested in 8,859 companies in 65 countries last year, has preferred to invest heavily in renewable energy projects in recent years.
The market value of the fund was 15 trillion 765 billion Norwegian kroner ($1 trillion 507 billion) as of December 31, 2023.
Norwegian Wealth Fund is also interested in the shares of large companies operating in the transportation, chemical, automotive, software and steel sectors in Turkiye.
The fund increased its investments in Turkiye from $485 million in 2021 to $1 billion 217 thousand in 2022.
In the statement made by the fund management, it was noted that after a “weak” 2022, a record was broken last year with a profit of $213 billion.
Source: NTV / Prepared by Irem Yildiz