Norway sovereign wealth fund posts record $184B profit, discloses SpaceX stake

Norway's Government Pension Fund Global posted a first-half nett of much than 1.75 trillion Norwegian kroner, oregon astir $184.9 billion, a grounds for a six-month period, arsenic equity markets — peculiarly successful Asia — surged successful the 2nd quarter. The money besides disclosed a involvement successful SpaceX, according to CNBC.

The money returned 9.4% successful the archetypal half, outperforming its benchmark scale by 0.22 percent points. Its full worth stood astatine 22,683 cardinal kroner, oregon astir $2.34 trillion, astatine the extremity of June. Equities, which marque up 72.1% of the portfolio, returned 13% implicit the period, with the exertion assemblage — up 25.3% — and telecommunications assemblage — up 42.9% — contributing the most. Consumer discretionary was the weakest sector, falling 4%.

"The effect is driven by bully returns successful the equity market, peculiarly from Asian exertion stocks," Norges Bank Investment Management CEO Nicolai Tangen said successful a connection connected Wednesday. Asia and Oceania equity holdings returned 31.3% successful the archetypal half, the strongest of immoderate determination grouping. At a property conference, Tangen highlighted semiconductor stocks arsenic a cardinal operator of returns, according to CNBC.

Norges Bank Investment Management, which manages the money connected behalf of Norway's Ministry of Finance, besides revealed that it holds a 0.05% involvement successful SpaceX, a presumption worthy somewhat much than $1.2 billion. Among its largest idiosyncratic positions, the money holds a 1.3% involvement successful Nvidia, valued astatine $61.8 billion, and a 1.2% involvement successful Apple, valued astatine $52.7 cardinal arsenic of June 30. Its portfolio spans much than 7,000 companies successful implicit 50 countries, giving it ownership of astir 1.5% of each publically listed equities worldwide.

With the SpaceX presumption added, the money present has meaningful vulnerability to some publically traded companies nether Elon Musk's leadership. The fund's Tesla position, which amounts to a 1% ownership interest, was reported to beryllium valued astatine astir $15.7 cardinal by the adjacent of June. The money rejected Musk's wage arrangements astatine Tesla connected 2 occasions — opposing his $56 cardinal bundle successful 2024 and past his trillion-dollar grant erstwhile it came earlier shareholders again astatine the company's late-2025 yearly meeting. When reporters astatine Wednesday's property league pressed Deputy CEO Trond Grande connected however the fund's SpaceX vulnerability had changed implicit time, helium declined to sermon circumstantial holdings.

The fund's equity investments fell 2.6% successful the archetypal 4th arsenic markets faced volatility, earlier rebounding 15.98% successful the 2nd quarter. Fixed-income investments, which marque up 25.8% of the portfolio, returned 0.9% successful the archetypal half. The money received 94 cardinal kroner successful superior inflows during the period, though a stronger Norwegian krone reduced the fund's krone-denominated worth by 427 cardinal kroner.