Norway's sovereign wealth fund recorded a profit of 1.753 trillion kroner, or approximately €160 billion, in the first half of 2026. This is its highest half-year profit ever, expressed in Norwegian kroner. Its return since the beginning of the year has reached 9,4%.
The performance was driven by a strong rebound in the second quarter. The fund had lost approximately €116 billion in the first three months of the year. By the end of June, its total value had reached 22,683 billion kroner, or approximately €2,071 billion.
Technology stocks drive performance
Equity investments, which represent 72,1% of the portfolio, yielded a 13% return for the first half of the year. These results were notably supported by the rebound in Asian technology stocks. The fund holds significant stakes in Nvidia, Apple, Alphabet, Microsoft, and the Taiwanese semiconductor manufacturer TSMC.
Bonds represent 25,8% of its assets and recorded a return of 0,9%. Real estate investments, which account for 1,6% of the portfolio, increased by 3%. Investments in unlisted renewable energy, limited to 0,5% of assets, declined by 0,2%.
Investments in nearly 7,100 companies
Funded by Norwegian state oil and gas revenues, the fund holds stakes in nearly 7,100 companies and owns on average 1,5% of all listed companies worldwide. This makes it the largest individual investor on the planet.
Its director, Nicolai Tangen, nevertheless cautioned against considering this wealth as permanently secured. He believes that a nuclear war, a biological attack, or a depression comparable to that of 1929 could cause considerable losses. The fund remains designed to preserve Norway's energy revenues for the benefit of future generations.
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