Strong equity markets in the first half of the year

The return on the fund’s equity investments was 12 percent, the return on the fixed income investments was -1 percent, whereas investments in unlisted real estate returned -1 percent. The return on unlisted renewable energy infrastructure was -18 percent.

The fund’s return was 0.04 percentage point less than the return on the benchmark index.

"The equity investments gave a very strong return in the first half of the year. The result was mainly driven by the technology stocks, due to increased demand for new solutions in artificial intelligence", says CEO of Norges Bank Investment Management Nicolai Tangen.

The krone depreciated against several of the main currencies during the quarter. The currency movements contributed to an increase in the fund’s value of 315 billion kroner. In the first half of the year, inflow into the fund amounted to 192 billion kroner.

The fund had a value of 17,745 billion kroner as at 30 June 2024. 72.0 percent of the fund was invested in equities, 26.1 percent in fixed income, 1.7 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.

In connection with the half-yearly reporting, we are also publishing an updated holdings list for the first half of the year - for the first time.

“We are already the world's most transparent fund, but now we are increasing transparency even further. From now on, everyone will be able to find an updated overview of all our investments on a half-yearly basis", says Tangen.

We also publish a review of all our voting at company shareholder meetings in the first half of 2024.

Press contact:
Line Aaltvedt
Head of Communications
Tel: +47 948 54 656
Email: press@nbim.no