Norway’s US$2.3 trillion sovereign wealth fund, the world’s largest, posted a record profit of 1.75 trillion Norwegian crowns (US$184.3 billion) in the first half of 2026, driven by strong equity returns, particularly in Asian technology stocks.
The fund’s January-June profit marked its strongest-ever six-month performance, with CEO Nicolai Tangen attributing the result to gains in equity markets and strong returns from Asian technology companies.
The fund, which invests revenues from Norway’s oil and gas production, holds an average 1.5% stake in all listed companies globally, making it the world’s largest single investor.
Among its major technology holdings, the fund held a 1.28% stake in Nvidia worth US$62 billion, a 1.24% stake in Apple worth US$52 billion, a 1.17% stake in Alphabet worth US$50 billion, a 1.27% stake in Microsoft worth US$35 billion and a 1.7% stake in Taiwan Semiconductor Manufacturing worth US$34 billion as of June 30.
The fund also disclosed for the first time on Tuesday that it held a 0.05% stake in SpaceX worth US$1.22 billion at the end of June, although the investment was relatively small compared with its other technology holdings.
SpaceX shares rallied following the company’s record-breaking initial public offering in late June before retreating sharply as investors questioned its valuation, which stood at 77 times expected revenue.
Overall, the Norwegian fund is invested in around 7,100 companies globally and also has investments in property and renewable energy projects.
The fund’s strong first-half performance comes as technology stocks, particularly those linked to artificial intelligence, continue to drive equity market gains.
Norway’s sovereign wealth fund is scheduled to hold a press conference on Wednesday.
Reuters
