Norway $2.3 Trillion Fund Posts Best Quarter Since 2020

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessNorway $2.3 Trillion Fund Posts Best Quarter Since 2020Norway’s sovereign wealth fund, the world’s largest, reported its best quarterly return in six years, helped by gains from its large holdings in global technology companies.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Norway’s sovereign wealth fund, the world’s largest, reported its best quarterly return in six years, helped by gains from its large holdings in global technology companies.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe $2.3 trillion fund, managed by Norges Bank Investment Management, returned 11.5% in the second quarter, according to a statement Wednesday. It was the best result since the second quarter of 2020.Equity investments drove the gains, with 16% return, while fixed income contributed 1.1%. Unlisted real estate and infrastructure investments both returned 1.8% in the quarter.“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” Chief Executive Officer Nicolai Tangen said.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe fund owns about 1.5% of all listed stocks globally and has become one of the world’s biggest investors in artificial intelligence-linked companies. Nvidia Corp. remained the fund’s biggest holding as of the end of the first half, followed by Microsoft Corp. and Apple Inc.The first-half return was 9.4%, beating the fund’s benchmark index by 22 basis points. The first-half performance, driven by telecommunications, technology and energy, follows a 15.1% return in 2025. Tech stocks, led by AI-related companies, were also the biggest driver of those gains.The fund is mandated by Norway’s Finance Ministry to closely track a benchmark index, with only limited scope to deviate through active management. Most of its performance therefore reflects movements in global equity and bond markets rather than discretionary stock picking.The results come as the fund remains at the center of a domestic political debate over its ethical guidelines and its investments in companies involved in Israel’s war in Gaza.Norway’s parliament last year ordered a review of the ethical guidelines governing the sovereign wealth fund, temporarily suspending company exclusions while a committee examines whether the rules should be changed. The review, requested by Finance Minister Jens Stoltenberg, is due to conclude by Oct. 15.NBIM has also expanded its own use of artificial intelligence internally, deploying large language models to screen newly added portfolio companies for governance, corruption and human-rights risks, to complement traditional monitoring.—With assistance from Anton Wilen and Veronica Ek.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.