Norway’s $2.3 trillion sovereign wealth fund reported a record first-half profit of more than $184 billion on Wednesday, driven by strong equity market returns and a rally in Asian technology stocks.
Norges Bank Investment Management (NBIM), which manages the fund, said it generated a 9.4% return during the first six months of the year. The fund was created in the 1990s to invest Norway’s oil and gas revenues and is now one of the world’s largest investors, holding stakes in more than 7,000 companies across more than 50 countries.
The fund’s value currently stands at approximately $2.34 trillion, representing ownership of around 1.5% of all publicly listed stocks worldwide.
Technology stocks drive record gains
The fund generated more than 1.75 trillion Norwegian kroner, equivalent to about $184.9 billion, during the first half of the year.
“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” said Nicolai Tangen, CEO of NBIM.
Equities represent more than two-thirds of the fund’s portfolio, while the remaining investments include fixed income, real estate and renewable energy infrastructure.
Approximately 40% of the portfolio is invested in U.S. equities, with its largest holdings including Nvidia, Apple and Microsoft.
Norway fund invests in SpaceX
NBIM also revealed that it holds a 0.05% stake in SpaceX, valued at slightly more than $1.2 billion.
The investment makes Norway’s sovereign wealth fund a significant investor in two companies associated with Elon Musk, alongside its existing ownership stake in Tesla.
However, the SpaceX position remains smaller than some of the fund’s other technology holdings. Its Nvidia stake represents approximately 1.3% ownership valued at $61.8 billion, while its Apple holding represents about 1.2% ownership valued at $52.7 billion as of June 30.
The fund also owns around 1% of Tesla, a position valued at approximately $15.7 billion at the end of the first half.
Relationship with Elon Musk remains complicated
Despite investing in Musk-led companies, NBIM has previously opposed several major Tesla compensation proposals.
In 2024, the fund voted against Musk’s $56 billion Tesla pay package. It later voted against a proposed $1 trillion compensation package at Tesla’s 2025 annual shareholder meeting.
NBIM said it supported the value created under Musk’s leadership but raised concerns about the size of the award, shareholder dilution and key-person risk.
Deputy CEO Trond Grande said NBIM does not comment on individual stock positions when asked about changes to the fund’s SpaceX allocation.
“We own 7,000 companies, some go up, some go down — every day,” Tangen said when discussing market volatility.
Semiconductors fuel portfolio growth
Tangen highlighted semiconductor companies as some of the strongest contributors to the fund’s performance during the first half of the year.
“Chips, chips, chips, chips,” Tangen said while presenting the fund’s best-performing holdings, which included Samsung, SK Hynix, TSMC, ASML, Intel and Nvidia.
The fund’s equity portfolio experienced volatility earlier in the year as markets reacted to concerns surrounding artificial intelligence valuations and geopolitical tensions.
After equity investments declined 2.6% in the first quarter, holdings rebounded strongly in the second quarter, gaining 15.98% and producing a first-half equity return of 12.95%.
Norway warns about future risks
Despite the record performance, Tangen warned that the sovereign wealth fund remains exposed to market cycles and could experience significant declines in the future.
Speaking at Norway’s Arendalsuka political conference, Tangen described the fund as a national financial reserve but emphasized that its value can rise and fall.
“Can the fund disappear? The answer to that question is ‘yes’,” Tangen said, warning that large financial fortunes have historically been difficult for countries to preserve indefinitely.
