Norges Bank Investment Management Reports Record 1.753 Trillion Kroner Profit

Norges Bank Investment Management reported a record first-half profit of 1.753 trillion Norwegian kroner, equivalent to $184.70 billion, before foreign-exchange effects. The world's largest sovereign-wealth fund saw its market value reach 22.683 trillion kroner as of June 30.

The fund achieved a 9.4% return for the first half of the year. This performance followed a volatile start, recovering from a 1.9% loss in the first quarter to an 11.5% return in the second. Chief Executive Nicolai Tangen attributed the record results to strong equity market performance, specifically citing Asian technology stocks.

Despite these gains, the fund's value was reduced by 427 billion kroner due to currency headwinds caused by the appreciation of the Norwegian krone. Additionally, the fund disclosed a new investment in SpaceX, acquiring a 0.05% stake valued at approximately $1.23 billion.