Norway wealth fund reports $185bn first-half gain

Norway's sovereign wealth fund reported a $185 billion investment return for the first half of 2026, rebounding from a $58 billion loss reported for the first quarter.

The fund, managed by Norges Bank Investment Management, said its 9.4% first-half return was its highest in Norwegian kroner. It was valued at 22.6 trillion kroner, or $2.38 trillion, at the end of June.

Nicolai Tangen, chief executive of Norges Bank Investment Management, said the result was driven by equity market returns, especially Asian technology stocks.

The fund said its shareholdings returned 13% in the first half. At the end of June, 72.1% of its assets were in equities, 25.8% in bonds, 1.6% in real estate and 0.5% in unlisted renewable energy projects.

The fund is fuelled by Norwegian state oil revenues and invested worldwide. It held investments in about 7,100 companies and, in aggregate, owned about 1.5% of all listed companies globally.

Its biggest listed stockholdings were Nvidia at 612 billion kroner, Apple at 522 billion kroner, Alphabet at 499 billion kroner, Microsoft at 347 billion kroner and TSMC at 332 billion kroner.