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Or sign-in if you have an account.Nicolai Tangen, CEO of Norges Bank Investment Management, addresses a press conference on his company's annual results for 2024 at Norges Bank in Oslo, Norway, on Jan. 29, 2025. Photo by Ole Berg-Rusten /NTB / AFP via Getty ImagesNorway’s sovereign wealth fund, the world’s largest, reported its best quarterly return in six years, helped by gains from its holdings in global technology companies.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe US$2.3 trillion fund, managed by Norges Bank Investment Management (NBIM), returned 11.5 per cent in the second quarter, according to a statement Wednesday. It was the best result since the second quarter of 2020.Equity investments drove the gains, with 16 per cent return, while fixed income contributed 1.1 per cent. Unlisted real estate and infrastructure investments both returned 1.8 per cent in the quarter.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againThe fund owns about 1.5 per cent of all listed stocks globally and has become one of the world’s biggest investors in artificial intelligence-linked companies. Nvidia Corp. remained the fund’s biggest holding as of the end of the first half, followed by Microsoft Corp. and Apple Inc.“Chips drive fund’s value on a scale not seen before,” chief executive Nicolai Tangen told a news conference in Arendal, southern Norway.Set up in the 1990s, the fund invests proceeds from Norway’s oil and gas industry after the Nordic nation discovered the fossil deposits in the late 1960s. Transfers from the fund, limited annually at three per cent of its size, contribute about a fourth of Norway’s budget spending.The first-half return was 9.4 per cent, beating the fund’s benchmark index by 22 basis points. The performance, driven by telecommunications, technology and energy, was an all-time high for a six-month period when measured in kroner. Tech stocks, led by AI-related companies, were also the biggest driver of the full-year return of 15.1 per cent return in 2025.The 10 biggest holdings make up 20 per cent of the fund’s value, with U.S. investments accounting for 55 per cent, Tangen said. He reiterated that as a broad-based index fund, the options to mitigate concentration risks remain limited.Earlier this year, the fund was told by an advisory panel to raise its preparedness to handle growing geopolitical risk, including in the United States. It’s not allowed to invest in private equity.The fund is mandated by Norway’s Finance Ministry to closely track a benchmark index, with only limited scope to deviate through active management. Most of its performance therefore reflects movements in global equity and bond markets rather than discretionary stock picking.The results come as the fund remains at the centre of a domestic political debate over its ethical guidelines and its investments in companies involved in Israel’s war in Gaza. The fund remains invested in 29 Israeli companies, which all meet its ethical guidelines, Carine Smith Ihenacho, chief corporate governance officer, told the same news conference.Norway’s parliament last year ordered a review of the ethical guidelines governing the sovereign wealth fund, temporarily suspending company exclusions while a committee examines whether the rules should be changed. The review, requested by Finance Minister Jens Stoltenberg, is due to conclude by Oct. 15.NBIM has also expanded its own use of artificial intelligence internally, deploying large language models to screen newly added portfolio companies for governance, corruption and human-rights risks, to complement traditional monitoring.—With assistance from Anton Wilen and Veronica Ek. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.