*

Fund returns 8.6% in the first half of year

*

Equities portfolio saw return of 12%

(Adds portfolio returns in paragraph 2, 7, company stakes in

4th paragraph)

ARENDAL, Norway, Aug 14 (Reuters) - Norway's $1.7

trillion sovereign wealth fund, the world's largest, said on

Wednesday it had posted a profit of 1.48 trillion Norwegian

crowns ($138 billion) in the first half of the year as global

stock markets rose.

The fund's equity portfolio saw a return of 12.5% in the

period from January to June, while its fixed income and real

estate assets incurred losses of 0.6% and 0.5% respectively.

"The result was mainly driven by the technology stocks,

due to increased demand for new solutions in artificial

intelligence," CEO Nicolai Tangen said in a statement.

The fund's 1.28% stake in Microsoft ( MSFT ) was the single

most valuable holding, worth 453.8 billion crowns at the end of

June, followed by a stake in Apple ( AAPL ) valued at 390.8

billion crowns and NVIDIA ( NVDA ) at 377 billion crowns.

While the fund's overall return was 8.6% in the first

half of the year, it slightly underperformed its own benchmark

index.

The fund, which invests the Norwegian state's revenues

from oil and gas production, is one of the world's largest

investors, owning on average 1.5% of all listed stocks

worldwide. It also invests in bonds, real estate and renewable

energy projects.

Its small portfolio of unlisted renewable energy

infrastructure posted an 18% loss in the first-half of 2024, it

said.

($1 = 10.7122 Norwegian crowns)