The world's largest sovereign fund releases its semiannual report: Return rate of 9.4%, heavily invested in Nvidia, reaping massive AI dividends

Smart Finance APP notes that, thanks to the rise in the share prices of large holdings in US technology companies, Norway's sovereign wealth fund, with an asset size of 2.3 trillion USD, achieved a return rate of 9.4% in the first half of the year.

This global largest sovereign wealth fund, managed by Norges Bank Investment Management, stated that its return rate exceeded the benchmark index by 22 basis points. As of the end of June, the fund’s market value reached 22.7 trillion kroner (approximately 2.4 trillion USD).

CEO Nicolai Tangen said in a statement, "The performance was due to strong returns in the stock markets, especially Asian technology stocks."

The fund holds about 1.5% of all listed stocks globally and has become one of the world's largest investors in AI-related companies. As of the end of the first half, Nvidia remained the fund’s largest holding, followed by Microsoft and Apple.

The return from equity investments was 13%, fixed income investments returned 0.9%, and real estate investments returned 5.9%. Unlisted renewable energy infrastructure investments posted a loss of 0.2%.

The performance in the first half came after a full-year return rate of 15.1% in 2025—in kroner terms, this was the second-highest annual return in the fund's history. Technology stocks, led by AI-related companies, were also the biggest driver of results during that period.