Nicolai Tangen, CEO of Norges Financial institution Funding Administration, throughout a information convention in Oslo, Norway, on Jan. 29, 2025.
Naina Helén Jåma | Bloomberg | Getty Photos
Norway’s $2.3 trillion sovereign wealth fund reported a report half-year revenue of greater than $184 billion on Wednesday, as a rally in Asian expertise shares helped the fund return 9.4%.
Norges Financial institution Funding Administration (NBIM) manages the fund, which was arrange within the Nineteen Nineties to take a position revenues from the nation’s oil and fuel trade. The fund — at the moment valued at round $2.34 trillion — is an investor in additional than 7,000 corporations throughout greater than 50 nations and has stakes in round 1.5% of the world’s publicly listed shares.
Its revenue for the primary six months of the 12 months got here in at greater than 1.75 trillion Norwegian kroner, or round $184.9 billion.
“The result’s pushed by good returns within the fairness market, notably from Asian expertise shares,” Nicolai Tangen, CEO of NBIM, mentioned in a press release on Wednesday.
Equities make up greater than two-thirds of the broader portfolio, with NBIM additionally investing in fastened earnings, actual property and renewable vitality infrastructure.
Round 40% of NBIM’s portfolio is comprised of U.S. equities, with its Most worthy holdings being shares of Nvidia, Apple and Microsoft.
SpaceX funding
Equities make up greater than two-thirds of the broader portfolio, with NBIM additionally investing in fastened earnings, actual property and renewable vitality infrastructure.
Round 40% of NBIM’s portfolio is comprised of U.S. equities, with its Most worthy holdings being shares of Nvidia, Apple and Microsoft.
The fund’s first-half report got here as its managers disclosed a 0.05% stake in SpaceX, valued at simply over $1.2 billion. The SpaceX stake is dwarfed by a few of its different holdings, together with a 1.3% stake in Nvidia price $61.8 billion and a 1.2% possession of Apple valued at $52.7 as of June 30.
The funding in SpaceX makes NBIM a serious investor in each publicly traded corporations led by Elon Musk.
Norway’s sovereign wealth fund additionally holds a 1% stake in Tesla that was reported to be price round $15.7 by the top of the primary half.
Nevertheless, Musk has had a fractious relationship with NBIM.
In 2024, NBIM voted in opposition to Musk’s historic $56 billion pay package deal from Tesla. It was later reported that Musk declined an invite from Tangen to a non-public dinner and a convention run by NBIM in Oslo.
“Once I ask you for a favor, which I very hardly ever do, and also you decline, then you shouldn’t ask me for one till you have carried out one thing above nothing to make amends,” Musk reportedly wrote in a textual content message to Tangen, disclosed beneath Norway’s freedom of knowledge legislation. “Associates are as associates do.”
NBIM later voted in opposition to Musk’s trillion-dollar pay package deal at Tesla‘s annual shareholder assembly in late 2025.
“Whereas we admire the numerous worth created beneath Mr. Musk’s visionary position, we’re involved in regards to the whole dimension of the award, dilution, and lack of mitigation of key particular person risk- according to our views on government compensation,” NBIM mentioned in a press release on the time.
“We are going to proceed to hunt constructive dialogue with Tesla on this and different subjects,” the fund’s managers added.
