Nicolai Tangen reports record half-year profit for Norway's sovereign wealth fund as Asian tech stocks rally
Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), reported that Norway's $2.3 trillion sovereign wealth fund achieved a record half-year profit of more than $184 billion. The fund, which manages revenues from the country's oil and gas industry, returned 9.4% over the first six months of the year. Tangen noted that the results were primarily driven by strong performance in the equity market, specifically from Asian technology stocks. While the fund holds significant stakes in major U.S. companies like Nvidia, Apple, and Microsoft, it also maintains a substantial presence in Asian markets, including holdings in Samsung and SK Hynix. The fund also disclosed a 0.05% stake in SpaceX, valued at $1.2 billion, and a 1% stake in Tesla. Despite the record profits, Tangen expressed a cautious outlook, warning that investors should not expect the same level of returns in the future. He emphasized that because the fund accounts for about 25% of Norway's fiscal budget, the country must be prepared for market volatility.