Norway’s sovereign wealth fund, the world’s largest, reported a record first-half profit of more than $182 billion on Wednesday, driven largely by a rally in Asian technology stocks, according to the fund’s manager.
The fund, which manages roughly $2.3 trillion in assets, returned 9.4% in the first six months of 2026. The result was announced alongside a fresh disclosure: a 0.05% stake in SpaceX, valued at just over $1.2 billion. It marks the first time Norges Bank Investment Management (NBIM) has revealed exposure to Elon Musk’s space technology company.
While the SpaceX stake is notable, it remains small relative to the fund’s largest positions. As of June 30, NBIM held a 1.3% stake in Nvidia worth $61.8 billion and a 1.2% ownership of Apple valued at $52.7 billion, according to the report.
Asian tech drives returns
The profit figure — the fund’s best half-year performance on record — was underpinned by strong equity markets, particularly in Asia. NBIM CEO Nicolai Tangen said in a statement that the result was “driven by good returns in the equity market, particularly from Asian technology stocks.”
Equities make up more than two-thirds of the fund’s portfolio, which also includes fixed income, real estate, and renewable energy infrastructure. Around 40% of the fund’s assets are in U.S. equities, with its most valuable holdings being shares of Nvidia, Apple, and Microsoft.
NBIM manages the fund on behalf of Norway’s government, which established it in the 1990s to invest revenues from the country’s oil and gas industry. The fund, currently valued at approximately $2.34 trillion, holds stakes in more than 7,000 companies across over 50 countries, representing about 1.5% of the world’s publicly listed stocks.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/12/norway-sovereign-wealth-fund-spacex-nvidia-apple-nbim.html
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