Norway Wealth Fund Posts 11.5% Quarterly Return, Best in 6 Years on Tech Gains
Updated
Updated · Bloomberg · Aug 12
Norway Wealth Fund Posts 11.5% Quarterly Return, Best in 6 Years on Tech Gains
3 articles · Updated · Bloomberg · Aug 12
Summary
An 11.5% second-quarter return gave Norway’s $2.3 trillion wealth fund its strongest quarterly performance since the second quarter of 2020.
Global technology holdings drove the gain, extending the fund’s first-half return to 9.4% and helping produce a record $182 billion profit.
Norges Bank Investment Management also disclosed a $1.2 billion SpaceX stake for the first time, though its biggest tech positions remain far larger in Nvidia and Apple.
The fund, which invests Norway’s oil and gas revenue, holds stakes in more than 7,000 companies worldwide, with equities making up more than two-thirds of assets.