The fund was established in the 1990s to invest revenues from Norway’s oil and gas industry. It is now valued at around $2.34 trillion, holds positions in more than 7,000 companies across more than 50 countries, and owns stakes in roughly 1.5% of the world’s publicly listed stocks. Equities make up more than two-thirds of the portfolio, with the fund also investing in fixed income, real estate and renewable energy infrastructure.<\/p>\n
Profit for the first six months of the year came in at more than 1.75 trillion Norwegian kroner, or around $184.9 billion. “The result is driven by good returns in the equity market, particularly from Asian technology stocks,” said Nicolai Tangen, CEO of NBIM. Around 40% of the portfolio is comprised of U.S. equities, with its most valuable holdings being shares of Nvidia, Apple and Microsoft. The fund holds a 1.3% stake in Nvidia worth $61.8 billion and a 1.2% ownership of Apple valued at $52.7 billion as of June 30.<\/p>\n
The SpaceX position makes NBIM a major investor in both publicly traded companies led by Elon Musk, alongside a 1% stake in Tesla worth around $15.7 billion at the end of the first half. Musk has had a fractious relationship with the fund. In 2024, NBIM voted against Musk’s $56 billion pay package at Tesla, and later voted against his trillion-dollar pay package at the company’s annual shareholder meeting in late 2025, citing concerns about “the total size of the award, dilution, and lack of mitigation of key person risk.” Asked how the SpaceX weighting had evolved, Deputy CEO Trond Grande said NBIM does not comment on individual stock positions, adding, “We were roughly index rate in the first half, and that’s been the case over the summer as well.”<\/p>\n
SpaceX shares soared on their debut in June but have since faced volatility, with hundreds of billions of dollars wiped from its market capitalization by the end of July. On Monday, the stock closed above its IPO price for the first time in weeks. “We own 7,000 companies, some go up, some go down, every day,” Tangen said when pressed on the swings.<\/p>\n
Tangen emphasized the role of the semiconductor sector in the fund’s first-half growth, standing before a chart of top performers including Samsung, SK Hynix, TSMC, ASML, Intel and Nvidia. “Chips, chips, chips, chips,” he said. Equity investments fell 2.6% in the first quarter amid AI jitters and concerns about the U.S.-Iran war, then rallied 15.98% in the second quarter for a first-half equity return of 12.95%.<\/p>\n
Speaking at Norway’s Arendalsuka political conference on Tuesday, Tangen called the fund a “piggy bank for the whole of Norway” but warned the country “must be prepared for the value to go up and down.” Asked whether the fund could disappear, he said, “The answer to that question is ‘yes,'” adding that “fortunes are always lost in the end.” NBIM said it will continue to seek constructive dialogue with Tesla on executive compensation and other topics.<\/p>\n","protected":false},"excerpt":{"rendered":"
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