The semi-annual report of the world's largest sovereign fund released: 9.4% return, heavy investment in Nvidia, and free access to AI dividends

The Zhitong Finance App notes that thanks to rising stock prices of US technology companies with large holdings, Norway's $2.3 trillion sovereign wealth fund had a return of 9.4% in the first half of the year.

The world's largest sovereign wealth fund, managed by Norges Bank Investment Management, said its return was 22 basis points higher than the benchmark index. By the end of June, the fund's market capitalization reached 22.7 trillion kroner (about 2.4 trillion US dollars).

CEO Nicola Tangen said in a statement, “The performance was due to good returns in the stock market, particularly Asian tech stocks.”

The fund holds approximately 1.5% of the world's listed company shares and has become one of the world's largest investors in companies related to artificial intelligence. As of the end of the first half of the year, Nvidia remained the fund's largest holdings, followed by Microsoft and Apple.

The return on investment in stocks is 13%, the return on fixed income investment is 0.9%, and the return on real estate investment is 5.9%. Unlisted renewable energy infrastructure investments lost 0.2%.

The performance for the first half of the year was achieved after a return of 15.1% for the full year of 2025 — the second-highest annual return in the fund's history in terms of the krona. Technology stocks, led by artificial intelligence-related companies, were also the biggest driver of the performance at the time.