Norway Wealth Fund Posts Record $182 Billion First-Half Profit, Reveals SpaceX Stake
Summary
- Norway’s sovereign wealth fund said it posted a $182 billion profit and a 9.4% return in the first half of this year.
- The fund also disclosed for the first time that it holds a 0.05% stake in SpaceX valued at $1.2 billion.
- Norway’s sovereign wealth fund said it owns a 1.3% stake in Nvidia ($61.8 billion) and a 1.2% stake in Apple ($52.7 billion).
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Norway’s sovereign wealth fund, the world’s largest, posted a record $182 billion profit in the first half of the year, helped by a rally in Asian technology stocks. The fund also disclosed its investment in Elon Musk’s SpaceX for the first time.
The fund reported a return of about 9.4% for the first six months. “Good equity market returns, particularly the rise in Asian technology stocks, drove the performance,” Nicolai Tangen, chief executive officer of Norges Bank Investment Management, said.
As of the end of June, the fund held a 0.05% stake in SpaceX valued at just over $1.2 billion.
That position was small compared with its holdings in major US technology stocks. At the end of June, the fund owned a 1.3% stake in Nvidia worth about $61.8 billion and a 1.2% stake in Apple worth about $52.7 billion.
The fund manages about $2.34 trillion in assets and invests in more than 7,000 companies across over 50 countries. It holds about 1.5% of all listed stocks globally.
