Norway’s $2.3 trillion sovereign wealth fund, the world’s largest, posted a record profit of 1.75 trillion Norwegian crowns (\u20ac159.7 billion) for the first half of the year, lifted by technology stocks.<\/p>\n
Investing the Norwegian state’s revenues from oil and gas production, the \u200cfund owns on average \u20601.5% of all listed companies globally, making it the world’s largest single investor.<\/p>\n
“The result is driven by good returns in the equity market, particularly from Asian technology stocks,” CEO Nicolai Tangen said in a statement accompanying the half-year results.<\/p>\n
The fund also announced \u200cfor the first time that it held a 0.05% stake in SpaceX worth $1.22 billion as of 30 June, in \u2060an updated list of its holdings.<\/p>\n
That stake was modest when \u200ccompared with its other tech holdings.<\/p>\n
It held a 1.28% stake in \u200cNvidia worth $62 \u2060billion, a 1.24% stake in Apple worth $52 billion, a 1.17% stake in Alphabet worth $50 billion, a 1.27% stake in Microsoft worth $35 billion, and a 1.7% stake in Taiwan Semiconductor Manufacturing, worth $34 billion, fund data \u2060showed.<\/p>\n
Overall the fund is invested in around 7,100 companies globally. It also invests \u2060in stocks, property and renewable projects.<\/p>\n
SpaceX shares rallied sharply in the wake of its record-breaking IPO in late June, then pulled back sharply as investors questioned whether a lofty valuation of 77 times expected revenue could be justified.<\/p>\n","protected":false},"excerpt":{"rendered":"Norway’s $2.3 trillion sovereign wealth fund, the world’s largest, posted a record profit of 1.75 trillion Norwegian crowns…\n","protected":false},"author":2,"featured_media":590912,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-590911","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/590911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=590911"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/590911\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/590912"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=590911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=590911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=590911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}