Norway’s massive sovereign wealth fund cut back on sports team holdings in 2020, slashing its stake in Bundesliga headliner Borussia Dortmund to nearly zero and cutting back positions in the New York Knicks and Rangers, Atlanta Braves and Formula One. Meanwhile, the fund added DraftKings to its holdings.
Norway is one of the stock market’s most important investors, owning about 1.5% of all equities in the world through its $1.3 trillion sovereign wealth fund. Norway is unique among sovereign wealth funds in that it details its equity holdings annually. Norges Bank, the state entity managing the wealth fund, recently released its annual year-end holdings, which showed that, as of Dec.