Norway's Sovereign Wealth Fund Posts Record Profit

Norway's sovereign wealth fund, the world's largest, reported a record first-half profit of 1.75 trillion Norwegian kroner ($184.3bn), driven by strong gains in global equity markets, particularly among Asian technology stocks.

The fund, valued at about $2.3tn, invests Norway's oil and gas revenues. It owns an average of 1.5% of all listed companies worldwide and holds stakes in roughly 7,100 businesses, as well as investments in real estate and renewable energy.

Its largest technology holdings include a 1.28% stake in Nvidia worth about $62bn, alongside major investments in Apple, Alphabet, Microsoft and Taiwan Semiconductor Manufacturing Co. (TSMC).

The fund also disclosed for the first time that it owns a 0.05% stake in SpaceX valued at $1.22bn. SpaceX shares surged following the company's record-breaking IPO in late June before retreating as investors questioned its valuation.

(Reuters, bak)