Norway's sovereign wealth fund, Norges Bank Investment Management, generated a record first-half profit of 1.75 trillion Norwegian kroner ($184 billion) in 2026.
The performance represented a 9.4% return for the six-month period from January to June, according to a statement on the fund's website. In Norwegian kroner, the result marks the highest half-year profit in the fund's history.
Nicolai Tangen, chief executive of Norges Bank Investment Management, said the strong financial result was driven by solid returns across stock markets, with Asian technology companies performing particularly well.
Equity investments formed the primary engine of growth, returning 16% for the period. Bond investments recorded a return of 1.1%, while unlisted real estate and infrastructure holdings both gained 1.8%.
Over the first half of the year, the fund's overall return outperformed its benchmark index by 22 basis points. The top performing sectors during the period were telecommunications, technology, and energy.
The latest performance follows a strong 2025, when the fund generated an annual return of 15.1%. In that period, technology companies and artificial intelligence investments were also the largest contributors to overall gains.
Technology and global asset holdings
Norges Bank Investment Management is the world's largest sovereign wealth fund. It holds approximately 1.5% of all publicly traded shares globally and ranks among the largest investors in artificial intelligence companies.
The portfolio maintains a high level of concentration in top global assets. Its ten largest holdings represent roughly 20% of its total valuation, while United States assets account for 55% of the overall fund.
The fund was established in the 1990s to invest revenues from Norway's oil and gas sector. Annual withdrawals are capped at 3% of its total value, providing approximately one-quarter of Norway's national budget spending.
Under rules set by the Norwegian Ministry of Finance, the fund must invest according to a strict benchmark index and can only deviate within narrow limits through active management. As a result, its financial performance is largely determined by global market trends rather than individual stock selection.
Major holdings and tech investments
At the end of the first half, Nvidia remained the fund's largest single holding, followed by Microsoft and Apple.
Tangen told Bloomberg that semiconductor computer chips were driving the fund's valuation on a scale that had not been seen before.
Specific portfolio disclosures showed that the fund held a 1.3% stake in Nvidia valued at $61.8 billion. Its 1.2% stake in Apple was valued at $52.7 billion as of June 30.
SpaceX stake and Musk company holdings
Alongside its half-year financial report, fund managers disclosed a new 0.05% stake in SpaceX valued at slightly over $1.2 billion. While substantial, the holding remains significantly smaller than its primary positions in Nvidia and Apple.
CNBC noted that the investment in SpaceX makes Norges Bank Investment Management a major shareholder in both public companies led by Elon Musk. The fund also holds a 1% stake in Tesla, valued at approximately $15.7 billion at the end of the first half.
Despite its major holdings in Musk's enterprises, the Norwegian fund previously voted against a record $56 billion executive compensation package for Musk at Tesla.
SpaceX shares experienced sharp price fluctuations following the company's initial public offering in June. After an initial rally after the IPO, the market capitalization of SpaceX contracted by hundreds of billions of dollars by the end of July, before closing above its IPO price on Monday for the first time in several weeks.
Addressing questions about the share price volatility, Tangen said the fund owns shares in 7,000 companies, adding that individual stocks rise and fall every day and multiple times within a single day.
In related market holdings, Google reported in July that it held $94.1 billion in SpaceX stock following the rocket company's public listing.
