{"id":5219,"date":"2026-08-12T22:11:15","date_gmt":"2026-08-12T22:11:15","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5219"},"modified":"2026-08-12T22:11:15","modified_gmt":"2026-08-12T22:11:15","slug":"norway-2-3-trillion-fund-posts-best-quarter-since-2020","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5219","title":{"rendered":"Norway $2.3 trillion fund posts best quarter since 2020"},"content":{"rendered":"
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The $2.3 trillion fund, managed by Norges Bank Investment Management, returned 11.5% in the second quarter, according to a\u00a0statement\u00a0Wednesday. It was the best result since the second quarter of 2020.<\/p>\n

Read more Elon Musk says AI will make money disappear. But crypto billionaire Michael Saylor says he\u2019s wrong for one key reason: \u2018We\u2019re status-oriented animals\u2019<\/a><\/p>\n

Equity investments drove the gains, with 16% return, while fixed income contributed 1.1%. Unlisted real estate and infrastructure investments both returned 1.8% in the quarter.<\/p>\n

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The fund owns about 1.5% of all listed stocks globally and has become one of the world\u2019s biggest investors in artificial intelligence-linked companies. Nvidia Corp. remained the fund\u2019s biggest holding as of the end of the first half, followed by Microsoft Corp. and Apple Inc.<\/p>\n

\u201cChips drive fund\u2019s value on a scale not seen before,\u201d Chief Executive Officer Nicolai Tangen told a news conference in Arendal, southern Norway.\u00a0<\/p>\n

Explainer:\u00a0What Next for Norway\u2019s $2 Trillion Wealth Fund?<\/p>\n

Set up in the 1990s, the fund invests proceeds from Norway\u2019s oil and gas industry after the Nordic nation discovered the fossil deposits in the late 1960s. Transfers from the fund, limited annually at 3% of its size, contribute about a fourth of Norway\u2019s budget spending.<\/p>\n

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The first-half return was 9.4%, beating the fund\u2019s benchmark index by 22 basis points. The performance, driven by telecommunications, technology and energy, was an all-time high for a six-month period when measured in kroner. Tech stocks, led by AI-related companies, were also the biggest driver of the full-year return of 15.1% return in 2025.<\/p>\n

The ten biggest holdings make up 20% of the fund\u2019s value, with US investments accounting for 55%, Tangen said. He reiterated that as a broad-based index fund, the options to mitigate concentration risks remain limited.\u00a0<\/p>\n

Read more Sam Altman thinks working at Goldman Sachs \u2018sounds unbelievably terrible now\u2019 and admits he was \u2018peer pressured\u2019 into accepting an internship there<\/a><\/p>\n

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Earlier this year, the fund was told by an advisory panel to raise its preparedness to handle growing geopolitical risk, including in the US. It\u2019s not allowed to invest in private equity.<\/p>\n

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The fund is mandated by Norway\u2019s Finance Ministry to closely track a benchmark index, with only limited scope to deviate through active management. Most of its performance therefore reflects movements in global equity and bond markets rather than discretionary stock picking.<\/p>\n

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The results come as the fund remains at the center of a domestic political debate over its ethical guidelines and its investments in companies involved in Israel\u2019s war in Gaza. The fund remains invested in 29 Israeli companies, which all meet its ethical guidelines, Carine Smith Ihenacho, chief corporate governance officer, told the same news conference.<\/p>\n

Norway\u2019s parliament last year ordered a review of the ethical guidelines governing the sovereign wealth fund, temporarily suspending company exclusions while a committee examines whether the rules should be changed. The review, requested by Finance Minister Jens Stoltenberg, is due to conclude by Oct. 15.<\/p>\n

NBIM has also expanded its own use of artificial intelligence internally, deploying large language models to screen newly added portfolio companies for governance, corruption and human-rights risks, to complement traditional monitoring.<\/p>\n

Read more BofA to plow $250 billion into critical infrastructure projects<\/a><\/p>\n

(Updates with CEO comments from fifth paragraph.)<\/p>\n

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The fund returned 11.5% in the second quarter\u2014the best result since 2020.<\/p>\n","protected":false},"author":1,"featured_media":5218,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[550],"tags":[],"class_list":["post-5219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-norway"],"yoast_head":"\nNorway $2.3 trillion fund posts best quarter since 2020 - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=5219\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Norway $2.3 trillion fund posts best quarter since 2020 - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"The fund returned 11.5% in the second quarter\u2014the best result since 2020.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=5219\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-12T22:11:15+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5219#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5219\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"Norway $2.3 trillion fund posts best quarter since 2020\",\"datePublished\":\"2026-08-12T22:11:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5219\"},\"wordCount\":544,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5219#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/1c7545b67f7ba7dd3c432a27799b6536.webp\",\"articleSection\":[\"norway\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5219#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5219\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5219\",\"name\":\"Norway $2.3 trillion fund posts best quarter since 2020 - 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