Norway Oil Fund Makes Record Profit, Buoyed by Asia Tech Stock Rally — Update
By Adria Calatayud
Norway's sovereign-wealth fund posted a record first-half profit, buoyed by Asian technology-stock gains, as it swung back to positive returns in the second quarter after being hit by market volatility in the first.
Norges Bank Investment Management--the arm of the central bank that manages the world's largest sovereign-wealth fund, commonly known as the oil fund--said Wednesday that its investment portfolio returned 9.4% in the first half to make a profit of 1.753 trillion Norwegian kroner ($184.70 billion) before foreign-exchange effects. This compares with a profit of 698.47 billion kroner in the year-earlier period.
The result marked the fund's highest half-year krone return on record, it said. The previous record had been set in last year's second half, when the fund posted a return of 1.663 trillion kroner.
"The result is driven by good returns in the equity market, particularly from Asian technology stocks," Chief Executive Nicolai Tangen said.
The fund holds stakes in around 7,200 companies, owning almost 1.5% of all shares in the world's listed companies. Elon Musk's SpaceX is one of the latest additions to its portfolio; NBIM disclosed on its website it holds a 0.05% stake in the company valued at around $1.23 billion.
The strong performance of equity investments helped the fund return 11.5% for the second quarter, recovering from a negative return of 1.9% in the first.
The fund's equity investments returned 16% in the second quarter, after a 2.6% loss in the first. Investments in other asset classes such as real estate and infrastructure delivered smaller returns.
As of June 30, the fund had a market value of 22.683 trillion kroner, up from 19.998 trillion kroner three months earlier.
During the first half as a whole, the fund's value increased by 1.416 trillion kroner, despite currency headwinds that reduced its value by 427 billion kroner due to the appreciation of the Norwegian krone against several of the main currencies. Inflows amounted to 89 billion kroner after deduction of expenses, it added.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
August 12, 2026 05:43 ET (09:43 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
2 Undervalued Stocks to Buy With Long-Term Growth Ahead
5 Stocks to Buy Trading at Big Discounts
The Market May Be Too Pessimistic About This 4-Star Dividend Stock
4 Stocks to Buy for the Long-Term While They’re Still Undervalued
United States