Norway’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.
The $2.3 trillion fund, managed by Norges Bank Investment Management, returned 11.5% 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% return, while fixed income contributed 1.1%. Unlisted real estate and infrastructure investments both returned 1.8% in the quarter.
The fund owns about 1.5% 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 Officer Nicolai Tangen told a news conference in Arendal, southern Norway.
