OSLO, OCT 29 (AFP/APP): Norway’s sovereign wealth fund, the world’s largest, posted a return of 1.03 trillion kroner ($103 billion) in the third quarter, boosted by holdings in raw materials, telecoms and the financial sector, it said Wednesday.

  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 20.4 trillion kroner ($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 percent, the fund saw the value of its stock holdings, which account for 71.2 percent of its investments, rise by 7.7 percent during the period.

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

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

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