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Investing.com -- Norway’s sovereign-wealth fund posted a 5.7% return in the first half of 2025, primarily driven by strong performance in equity markets.
Norges Bank Investment Management, which manages the world’s largest sovereign-wealth fund, reported Tuesday that the fund had reached a market value of 19.586 trillion kroner ($1.914 trillion) as of June 30.
"The result is driven by good returns in the stock market, particularly in the financial sector," said Norges Bank Investment Management Chief Executive Nicolai Tangen.
The fund, commonly known as the oil fund, saw positive performance in the telecommunications sector, which benefited from stable revenue streams, expectations of consolidation in Europe, and new revenue sources in artificial intelligence.
Utilities stocks also performed well, partly due to investors seeking more stable investments during a period of falling oil and gas prices.
In contrast, healthcare stocks, especially those of healthcare providers, lost value amid uncertainty surrounding potential changes to U.S. healthcare policy.
The Norwegian krone strengthened against several major currencies during the first half of the year, resulting in currency movements that reduced the fund’s value by 1.01 trillion kroner.
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