Norwegian Sovereign Wealth Fund Posts Record $184 Billion Profit in First Half of 2024

The Norwegian Sovereign Wealth Fund, managing assets worth $2.3 trillion, reported a record profit of $184.3 billion (1.75 trillion Norwegian kroner) for the first six months of 2024. The fund attributed its strong performance to a rally in Asian technology stocks, achieving a 9.4% return during this period. For comparison, the fund recorded a 15.1% return for the entire year of 2023, equivalent to $247.42 billion.

Fund managers revealed for the first time a 0.05% stake in Elon Musk's SpaceX, which went public in June, valued at approximately $1.2 billion. This holding is relatively small compared to other major investments, including a 1.3% stake in Nvidia worth $61.8 billion, 1.2% in Apple valued at $52.7 billion, 1.7% in Alphabet at $50 billion, and 1.27% in Microsoft worth $35 billion.

The fund invests in over 7,000 companies across more than 50 countries, holding about 1.5% of all publicly traded shares globally. It primarily invests in equities, which make up over two-thirds of its portfolio, alongside bonds, real estate, and green energy infrastructure. Last year, the fund sparked controversy by selling its stakes in 17 Israeli companies, including El Al and Rami Levy Retailers, according to Norwegian media reports.

CEO Nicolai Tangen stated, "The results stem from strong returns in capital markets, especially Asian technology stocks."