Key Takeaways
- • Norway's NBIM reported a record first-half profit of more than 1.75 trillion Norwegian kroner (about $184.9 billion) and a 9.4% return for the fund, according to CNBC.
- • Equity holdings drove results: equities rallied 15.98% in the second quarter after a 2.6% decline in Q1, producing a first-half equity return of 12.95%.
- • NBIM disclosed a 0.05% stake in SpaceX valued at just over $1.2 billion as of June 30, alongside a 1.3% Nvidia stake worth $61.8 billion and a 1.2% Apple stake worth $52.7 billion.
- • The fund, valued at around $2.34 trillion, is an investor in more than 7,000 companies and holds roughly 1.5% of the world's listed stocks.
- • CEO Nicolai Tangen warned that the fund "must be prepared for the value to go up and down," stating that the fund could disappear.
Summary
Norway's $2.3 trillion sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), reported a record half-year profit of more than 1.75 trillion Norwegian kroner, or around $184.9 billion, with the fund returning 9.4%, according to CNBC. The result was driven primarily by equity markets, particularly Asian technology stocks. CEO Nicolai Tangen said in a statement that the result reflected "good returns in the equity market, particularly from Asian technology stocks." At a press conference, Tangen pointed to semiconductors, listing Samsung, SK Hynix, TSMC, ASML, Intel and Nvidia among the best-performing holdings.
The fund is invested in more than 7,000 companies across more than 50 countries and holds about 1.5% of the world's publicly listed stocks. Equities make up more than two-thirds of the portfolio, with the remainder in fixed income, real estate and renewable energy infrastructure. Around 40% of the portfolio is in U.S. equities, and its largest holdings include Nvidia, Apple and Microsoft. Performance was uneven within the period: equity holdings fell 2.6% in the first quarter amid AI-related concerns and tensions linked to the U.S.-Iran conflict, then rallied 15.98% in the second quarter, producing a first-half equity return of 12.95%.
The report also disclosed a 0.05% stake in SpaceX, valued at just over $1.2 billion as of June 30. That position is small relative to the fund's Nvidia stake (1.3%, $61.8 billion) and Apple stake (1.2%, $52.7 billion). NBIM also holds a 1% stake in Tesla, reported at around $15.7 billion by the end of the first half. Deputy CEO Trond Grande said NBIM does not comment on individual stock positions, adding that the fund was roughly at index weight in the first half and over the summer. SpaceX shares, which debuted in June, have been volatile, with hundreds of billions of dollars wiped from its market value by the end of July before closing above their IPO price on Monday.
The article also highlights a strained relationship between NBIM and Elon Musk. NBIM voted against Musk's $56 billion Tesla pay package in 2024 and against a trillion-dollar pay package at Tesla's late-2025 annual meeting, citing concerns over award size, dilution and key person risk. Musk reportedly declined a dinner invitation from Tangen, and in a text message disclosed under Norway's freedom of information law wrote that Tangen should not ask for favors until he made amends.
In a speech at Norway's Arendalsuka political conference, Tangen described the fund as a "piggy bank for the whole of Norway" but warned that its value will fluctuate and that "fortunes are always lost in the end."
The fund is invested in more than 7,000 companies across more than 50 countries and holds about 1.5% of the world's publicly listed stocks. Equities make up more than two-thirds of the portfolio, with the remainder in fixed income, real estate and renewable energy infrastructure. Around 40% of the portfolio is in U.S. equities, and its largest holdings include Nvidia, Apple and Microsoft. Performance was uneven within the period: equity holdings fell 2.6% in the first quarter amid AI-related concerns and tensions linked to the U.S.-Iran conflict, then rallied 15.98% in the second quarter, producing a first-half equity return of 12.95%.
The report also disclosed a 0.05% stake in SpaceX, valued at just over $1.2 billion as of June 30. That position is small relative to the fund's Nvidia stake (1.3%, $61.8 billion) and Apple stake (1.2%, $52.7 billion). NBIM also holds a 1% stake in Tesla, reported at around $15.7 billion by the end of the first half. Deputy CEO Trond Grande said NBIM does not comment on individual stock positions, adding that the fund was roughly at index weight in the first half and over the summer. SpaceX shares, which debuted in June, have been volatile, with hundreds of billions of dollars wiped from its market value by the end of July before closing above their IPO price on Monday.
The article also highlights a strained relationship between NBIM and Elon Musk. NBIM voted against Musk's $56 billion Tesla pay package in 2024 and against a trillion-dollar pay package at Tesla's late-2025 annual meeting, citing concerns over award size, dilution and key person risk. Musk reportedly declined a dinner invitation from Tangen, and in a text message disclosed under Norway's freedom of information law wrote that Tangen should not ask for favors until he made amends.
In a speech at Norway's Arendalsuka political conference, Tangen described the fund as a "piggy bank for the whole of Norway" but warned that its value will fluctuate and that "fortunes are always lost in the end."
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