Norway’s Government Pension Fund Global posted a first-half profit of more than 1.75 trillion Norwegian kroner, or roughly $184.9 billion, a record for a six-month period, as equity markets — particularly in Asia — surged in the second quarter.
The fund also disclosed a stake in SpaceX, according to CNBC
The fund returned 9.4% in the first half, outperforming its benchmark index by 0.22 percentage points. Its total value stood at 22,683 billion kroner, or around $2.34 trillion, at the end of June. Equities, which make up 72.1% of the portfolio, returned 13% over the period, with the technology sector — up 25.3% — and telecommunications sector — up 42.9% — contributing the most.
Consumer discretionary was the weakest sector, falling 4%. “The result is driven by good returns in the equity market, particularly from Asian technology stocks,” Norges Bank Investment Management CEO Nicolai Tangen said in a statement on Wednesday. Asia and Oceania equity holdings returned 31.3% in the first half, the strongest of any regional grouping. At a press conference, Tangen highlighted semiconductor stocks as a key driver of returns, according to CNBC.