Market AnalysisAug 13, 20262 Min

World’s Largest Sovereign Wealth Fund made $185 billion in 6 months: Here’s what it owns

The world’s largest sovereign wealth fund has announced that it made a record profit in the first half of calendar year 2026. And, as expected, the key contributors were “chips”.

Norway’s $2.3 trillion sovereign wealth fund, called the Government Pension Fund Global, reported a massive half-year profit of $184.9 billion on Wednesday.

Norges Bank Investment Management (NBIM), which runs the fund, reported a 9.4% return for the first six months of 2026. This was the fund’s strongest quarterly performance in six years and was largely attributed to a rally in Asian technology stocks.

NBIM’s CEO Nicolai Tangen simply said “chips, chips, chips, chips” while presenting a chart of the fund’s top performers.

Notably, the Government Pension Fund Global is an investor in more than 7,000 companies across more than 50 countries. It owns stakes in around 1.5% of the world’s publicly listed stocks.

Equity investments accounted for 72.1% of the fund’s portfolio at the end of the first half of 2026, while fixed-income investments accounted for 25.8%.

NBIM said that the equity investment portion returned 13% in the first half of 2026, with telecommunications, technology and energy delivering the strongest returns. Meanwhile, the fixed income segment returned 0.9% during the period. This helped the fund clock an overall return of 9.4%.

Key contributors

NBIM revealed that Nvidia, Apple, and Microsoft were the most valuable investments of the Norwegian wealth fund in the first half of 2026. In fact, NBIM’s 1.3% stake in Nvidia alone is worth $61.8 billion, while a 1.2% ownership of Apple is valued at $52.7 billion as of June 30. Also, around 40% of NBIM’s portfolio comprises US equities.

In a presentation, Tangen also said that the fund’s top performers for H1 2026 were Samsung Electronics, SK Hynix’s US listing, Taiwan Semiconductor Manufacturing Co. (TSMC), ASML Holding, Intel Corp. and Nvidia.

It was also disclosed for the first time that the fund holds a 0.05% stake in SpaceX worth just over $1.2 billion. Additionally, it owns 1% in Tesla that was reported to be worth around $15.7 billion by the end of the first half of 2026. This makes NBIM a major investor in both publicly traded companies led by Elon Musk.

Interestingly, Tangen shared that the fund saw major volatility in calendar year 2026, with its equity investments falling 2.6% in the first quarter on concerns over the US-Iran war and huge AI spending. However, in the second quarter ended June, NBIM’s equity holdings rallied nearly 16%. This resulted in the equity portion recording a first-half return of 13%.