NORWAY WEALTH FUND POSTS $184BN PROFIT ON TECH RALLY

Norway's sovereign wealth fund reported a record half-year profit of more than $184 billion on Wednesday, according to official figures released by Norges Bank Investment Management (NBIM). The fund returned 9.4% over the first six months of the year, driven primarily by gains in Asian technology stocks. NBIM, which manages approximately $2.34 trillion in assets, disclosed the results as it announced a previously undisclosed 0.05% stake in SpaceX valued at around $1.2 billion.

Nicolai Tangen, chief executive of NBIM, attributed the strong performance to equity market returns, particularly from Asian technology stocks. The fund invests in more than 7,000 companies across more than 50 countries and holds stakes in approximately 1.5% of the world's publicly listed stocks. Equities comprise more than two-thirds of NBIM's portfolio, with the remainder allocated to fixed income, real estate and renewable energy infrastructure. Around 40% of the equity allocation is invested in U.S. stocks, with the largest holdings in Nvidia, Apple and Microsoft worth $61.8 billion, $52.7 billion and unspecified amounts respectively as of 30 June.

The SpaceX stake represents a minor portion of NBIM's overall holdings and makes the fund a significant investor in companies led by Elon Musk. According to reported commentary, Tangen expressed caution regarding future risks including artificial intelligence valuations, inflation and geopolitical conflict, notwithstanding the fund's current record results. NBIM was established in the 1990s to invest revenues from Norway's oil and gas industry.