Norway's Sovereign Wealth Fund Reports Record $138 Billion Profit in H1

Norway's $1.7 billion sovereign wealth fund, the world's largest, achieved a profit of 1.48 trillion Norwegian crowns ($138 billion) in the first half of the year, primarily due to strong performance in technology stocks. The fund's overall return was 8.6%, just shy of its benchmark index. The fund invests in diverse assets, including stocks, bonds, real estate, and renewable energy projects.

Norway's $1.7 billion sovereign wealth fund, recognized as the largest globally, reported a remarkable profit of 1.48 trillion Norwegian crowns ($138 billion) for the first half of this year as stock markets surged, the fund announced on Wednesday.

According to CEO Nicolai Tangen, technology stocks significantly contributed to this success, driven by a heightened demand for new artificial intelligence solutions. The overall return for the period was 8.6%, slightly below the fund's benchmark index by 0.04 percentage points.

The fund, which channels the Norwegian state's oil and gas revenues, is a major global investor, holding an average of 1.5% of all listed stocks worldwide. Additionally, it diversifies its portfolio with investments in bonds, real estate, and renewable energy projects. (Exchange rate: $1 = 10.7122 Norwegian crowns)

(With inputs from agencies.)