At the end of September, the fund, which is made up of the Norwegian state’s oil revenues and invested in assets worldwide, was valued at US$2.04 trillion.

“The result is driven by strong returns in the stock market, particularly in basic materials, telecommunications and the financial sector,” the deputy chief executive of Norges Bank Investment Management, Trond Grande, said in a statement.

Posting a return of 5.8%, the fund saw the value of its stock holdings, which account for 71.2% of its investments, rise by 7.7% during the period.

The fund is invested in more than 8,500 companies spanning the globe, and owns around 1.5% of all listed companies worldwide.

Its fixed income and unlisted real estate holdings, which make up 26.6% and 1.8% of the fund’s portfolio respectively, posted more modest returns of 1.4% and 1.1%.

The fund’s unlisted renewable energy infrastructure holdings, which make up just 0.4% of its portfolio, posted a return of 0.3%.