The Norwegian sovereign wealth fund , which is the largest in the world, recorded gains of $ 84 billion in the first quarter of the year, thanks to an improvement in the stock market after large losses last year, according to what the central bank announced Friday.

The strong performance, equivalent to a yield of 5.9 percent, offsets about half of the fund's massive loss of $165.4 billion last year in the turmoil of the Ukraine war.

The fund, which is among the world's largest investors, had a value of $1.34 trillion in late March, equivalent to roughly $245,000 for each of Norway's 5.5 million residents.

"Equity investments were the most positive contribution to the quarter's returns," Deputy Fund Manager Trond Grand said in a statement.

"The rise in the stock market was largely driven by the technology sector and consumer luxury goods," he added.

The fund, whose revenues are fueled by Norwegian oil and gas companies, aims to finance future spending in the country whose welfare system is known for its generous.

According to the "Sovereign Wealth Fund Institute" classification, the Norwegian fund ranks first in the world, ahead of the China Investment Corporation and the funds of Abu Dhabi, Kuwait and Singapore.

Stocks, which made up 70 percent of the Norwegian fund's portfolio in late March, posted gains of 7.4 percent in the first quarter of the year.

The fund owns stakes in more than 9,200 companies around the world, representing 1.5 percent of the total market value.

Bond investments, which represent 27.3 percent of assets, gained 2.7 percent over the same period.
Real estate holdings and those in unlisted renewable energy projects, which represent 2.4 and 0.1 percent, respectively, declined by 1 percent and 3.9 percent.