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Norway sovereign wealth fund performance and risk

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2026-08-13 11:13 UTC → 2026-08-13 12:27 UTC · added ~~removed~~

Norway’s sovereign wealth fund, the Government Pension Fund Global, reported record semi-annual profits for the first half of 2026. Following a difficult first quarter, the fund achieved a return of 9.4 percent, totaling approximately 22.695 trillion NOK ($2.34 trillion) in assets. This includes a record profit of 1.753 trillion NOK ($184.3 billion) for the period. Growth was driven by global equity markets and a strategic shift toward the AI supply chain. The fund significantly increased its exposure to the Taiwan market, with holdings rising 50.7 percent to $61.9 billion. TSMC remains a major holding, valued at $33.5 billion, alongside notable increases in MediaTek and a 426 percent surge in Yageo’s valuation. The fund also disclosed a $1.22 billion investment in SpaceX, representing a 0.05 percent stake. To fund this tech-centric strategy, the fund has reduced weight in the automotive, precision machinery, and green energy sectors. CEO Nicolai Tangen has warned of heightened vulnerability to market volatility, noting the fund’s risk profile has transitioned from oil price fluctuations to global stock market volatility. Tangen cautioned that extreme scenarios—including the bursting of an AI bubble, a US-China trade war, or even nuclear war and biological attacks—could lead to significant losses. He noted that in extreme market collapses, it is possible for the fund to lose up to 80 percent of its equity value, stating that a total wipeout is “not entirely improbable” in the current global climate. By August 2026, the AI boom continued to drive performance, with the fund achieving an 11.5 percent surge in a single quarter, growing by $2.3 trillion. This growth was largely fueled by technology and AI-related holdings, specifically Nvidia, Microsoft, and Apple.

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