Norway's $2.3 trillion sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), reported a record half-year profit of more than $182 billion, driven by a 9.4% return as Asian technology stocks rallied [1]. The fund's first-half report also marked the first public disclosure of its stake in SpaceX, revealing a 0.05% holding valued at just over $1.2 billion [1]. This SpaceX position is relatively small compared to the fund's larger investments, such as a 1.3% stake in Nvidia worth $61.8 billion and a 1.2% stake in Apple valued at $52.7 billion as of June 30 [1].
NBIM's portfolio is highly diversified, with investments in more than 7,000 companies across over 50 countries, representing about 1.5% of the world's publicly listed stocks [1]. Equities constitute more than two-thirds of the portfolio, with around 40% of assets allocated to U.S. equities. The fund's most valuable holdings are in Nvidia, Apple, and Microsoft [1].
CEO Nicolai Tangen attributed the strong performance to robust returns in the equity market, particularly from Asian technology stocks [1]. In addition to equities, the fund invests in fixed income, real estate, and renewable energy infrastructure [1].
The record profit and the new disclosure of the SpaceX stake highlight the fund's ongoing strategy of diversification and its significant influence in global equity markets [1].
CONCLUSION
Norway's sovereign wealth fund achieved a record profit in the first half of the year, fueled by strong equity market returns and a rally in Asian technology stocks. The newly revealed $1.2 billion SpaceX stake underscores the fund's broad diversification and continued expansion into high-profile technology investments.