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Norway wealth fund posts record $184 billion profit in first half of 2026
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Norway wealth fund posts record $184 billion profit in first half of 2026
Aug 12, 2026 2:54 AM

* January-June profit is strongest ever six-month earnings

* Asian tech stocks boosted half-year returns

* Management worried about high concentration of tech stocks

* Fund says it holds $1.2 billion stake in SpaceX

* World's largest sovereign wealth fund with $2.3 trillion

assets

By Gwladys Fouche

ARENDAL, Norway, Aug 12 (Reuters) - Norway's $2.3 trillion

sovereign wealth fund, the world's largest, posted a record

profit of 1.75 trillion Norwegian crowns ($184.3 billion) for

the first half of the year, lifted by technology stocks, it said

on Wednesday.

Investing the Norwegian state's revenues from oil and gas

production, the fund owns on average 1.5% of all listed

companies globally, making it the world's largest single

investor.

"The result is driven by good returns in the equity market,

particularly from Asian technology stocks," CEO Nicolai Tangen

said in a statement accompanying the half-year results.

The fund's first-half return beat a previous record of 1.5

trillion crowns set in the first six months of 2023, and

corresponded roughly in size to the full-year nominal gross

domestic product (GDP) of a nation such as Uzbekistan, a country

of around 39 million people, a Reuters comparison showed.

A CONCENTRATION OF CHIPS

Still, the fund's management has repeatedly warned that future

wars and economic depression could wipe out much of its

holdings.

Tangen on Wednesday said the top 10 companies in its portfolio

now represent 20% of the fund's value, with most of those firms

in the tech industry, raising the concentration risk associated

with its index-based investment strategy.

"It's chips, chips, chips, chips, chips ... we've never seen

such concentration before," Tangen said.

Any change to this strategy would have to come from Norway's

parliament, a process that normally takes years.

The fund late on Tuesday announced for the first time that it

held a 0.05% stake in Elon Musk's SpaceX worth $1.22

billion as of June 30, in an updated list of its holdings.

That stake was modest when compared with its other tech

holdings.

It held a 1.28% stake worth $62 billion in Nvidia ( NVDA ),

a 1.24% stake worth $52 billion in Apple ( AAPL ), a 1.17% stake

worth $50 billion in Alphabet, a 1.27% stake worth $35

billion in Microsoft ( MSFT ) and a 1.7% stake worth $34

billion in Taiwan Semiconductor Manufacturing ( TSM ), fund

data showed.

Overall the fund is invested in around 7,100 companies

globally. It also invests in bonds, property and renewable

projects.

SpaceX shares rallied sharply in the wake of its record-breaking

IPO in late June, then pulled back sharply as investors

questioned whether a lofty valuation of 77 times expected

revenue could be justified.

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