Norway $2.3 trillion fund posts best quarter since 2020

Norway’s sovereign wealth fund, the world’s largest, reported its best quarterly return in six years, helped by gains from its holdings in global technology companies.

The $2.3 trillion fund, managed by Norges Bank Investment Management, returned 11.5% in the second quarter, according to a statement Wednesday. It was the best result since the second quarter of 2020.

Equity investments drove the gains, with 16% return, while fixed income contributed 1.1%. Unlisted real estate and infrastructure investments both returned 1.8% in the quarter.

The fund owns about 1.5% of all listed stocks globally and has become one of the world’s biggest investors in artificial intelligence-linked companies. Nvidia Corp. remained the fund’s biggest holding as of the end of the first half, followed by Microsoft Corp. and Apple Inc.

“Chips drive fund’s value on a scale not seen before,” Chief Executive Officer Nicolai........

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