Norway's $2.3 trillion sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), reported a remarkable profit of more than $182 billion for the first half of the year, reflecting a 9.4% return largely attributed to a rally in Asian technology stocks.
This performance is significant as it underscores the fund's substantial exposure to equities, which constitute over two-thirds of its portfolio. Notably, the fund disclosed a 0.05% stake in SpaceX, valued at just over $1.2 billion, marking its first public acknowledgment of an investment in Elon Musk's space venture.
This stake, while relatively small compared to its larger holdings—such as a 1.3% stake in Nvidia worth $61.8 billion and a 1.2% stake in Apple valued at $52.7 billion—highlights the fund's diverse investment strategy.
As of June 30, the fund's total value stood at approximately $2.34 trillion, with investments in over 7,000 companies globally, representing about 1.5% of the world's publicly listed stocks. CEO Nicolai Tangen emphasized that the strong results were driven by favorable equity market conditions, particularly in the technology sector.
The fund's portfolio is heavily weighted towards U.S. equities, with Nvidia, Apple, and Microsoft being its most significant holdings