Norway's Sovereign Wealth Fund Earns $182 Billion in First Half, Reports 9.4% Return, Discloses SpaceX Stake

The world's largest sovereign wealth fund, Norway's $2.3 trillion Government Pension Fund Global, reported over $182 billion in profits during the first half of the year, marking a 9.4% return—the highest for any comparable period in its history. The strong performance was driven by gains in technology stocks.

In conjunction with its mid-year performance report, the fund disclosed for the first time that it holds approximately 0.05% of Elon Musk's SpaceX (SPCX-US), valued at over $1.2 billion.

The fund's stake in SpaceX remains significantly smaller than its major holdings. As of June 30, the fund owns 1.3% of NVIDIA (NVDA-US), valued at $61.8 billion, and 1.2% of Apple (AAPL-US), worth $52.7 billion.

Established in the 1990s, the Norwegian sovereign wealth fund is primarily funded by revenues from the country's oil and gas industry and is managed by Norges Bank Investment Management (NBIM). With total assets of approximately $2.34 trillion, the fund invests in over 7,000 companies across more than 50 countries and owns about 1.5% of all listed equities globally.

Nicolai Tangen, CEO of NBIM, said on Wednesday: 'This performance was primarily driven by strong equity returns, particularly standout performance in Asian technology stocks.'

Equities make up over two-thirds of the fund's portfolio, with the remainder allocated to fixed income, real estate, and renewable energy infrastructure. Approximately 40% of NBIM's portfolio is invested in U.S. equities, with its largest market-cap holdings being NVIDIA, Apple, and Microsoft (MSFT-US).