I just quote some news from Reuters dated 30/Jan/2024 this year, which is quite different from you have stated:
OSLO, Jan 30 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, the world's largest, reported on Tuesday a record profit of 2.22 trillion crowns ($213 billion) in 2023, driven by strong returns on its investments in technology stocks.
The results compared with a record loss in 2022 of 1.64 trillion crowns, when tech stocks fell.
The fund has generated an annual return of 6.09 percent between 1 January 1998 and the end of 2023. The net annual real return on the fund is 3.83 percent. In 2023, the fund's relative return was 0.18 percentage point lower than the benchmark index the fund is measured against. The fund has outperformed the benchmark index by 0.28 percentage point since 1998.
"2023 ended a lot better than expected," NBIM CEO Nicolai Tangen told a press conference.
So for the past 20 over years, their performance are matching GIC. And in this first half of 2024 they may still be doing extremely well considered what they are holding, That's all one can say.
