Norway's $2.34 Trillion Fund Posts Record Profit, Reveals SpaceX Stake

Norway's Government Pension Fund Global achieved a historic profit of 1.75 trillion Norwegian kroner ($184.9 billion) in the first half of the year, largely due to robust equity markets, especially in Asia. The fund recorded a return of 9.4%, exceeding its benchmark by 0.22 percentage points, and reached a total value of 22,683 billion kroner ($2.34 trillion) by the end of June. Equities saw a 13% return, with technology rising by 25.3% and telecommunications by 42.9%. Notably, holdings in Asia and Oceania yielded a 31.3% return. CEO Nicolai Tangen highlighted the impressive performance of Asian technology stocks, particularly in semiconductors. The fund's investments include SpaceX (0.05%), Nvidia (1.3%), Apple (1.2%), and Tesla (1%), totaling $15.7 billion. Additionally, it declined Elon Musk's compensation packages at Tesla and welcomed 94 billion kroner in capital inflows.