Strong Growth of the Oil Fund. These Companies Are Now the Most Important Investments
The Norwegian Oil Fund ended the second quarter with a value of NOK 22,695 billion. That's NOK 2,697 billion more than at the end of the first quarter. New data also show significant changes among the fund's largest investments.
Oil Fund managers profited from successful investments.
Fot. stock.adobe.com/standardowa/meenkulathiamma
At the end of the first quarter, the fund's value was NOK 19,998 billion, after a period of stock market declines related to the war with Iran. At the beginning of the year, it was NOK 21,268 billion. The latest data refer to the situation at the end of June. Details regarding the returns of specific parts of the portfolio will be presented in the quarterly report.
The Fund Grew by NOK 2,697 Billion. Stock Markets Rebounded
The value of the fund at the end of the second quarter of 2026 was NOK 22,695 billion, according to data published by the Norges Bank Investment Management (NBIM). This means an increase of NOK 2,697 billion compared to the end of March. In the second quarter, the situation on the stock markets improved. The American S&P 500 index, which lost nearly 5 percent in the first quarter, rose by almost 15 percent over the next three months.
However, the fund's value is influenced not only by stock market quotations but also by the NOK exchange rate and the revenues transferred to it from the oil sector. The funds are primarily invested in foreign equities, debt instruments, and real estate. Back in 2019, the fund's value exceeded NOK 10,000 billion. In June this year, it surpassed NOK 22,000 billion for the first time.
However, the fund's value is influenced not only by stock market quotations but also by the NOK exchange rate and the revenues transferred to it from the oil sector. The funds are primarily invested in foreign equities, debt instruments, and real estate. Back in 2019, the fund's value exceeded NOK 10,000 billion. In June this year, it surpassed NOK 22,000 billion for the first time.
The Oil Fund's assets are intended to benefit future generations.Photo: Øyvind Hagen, Equinor press materials
Nvidia Remains the Leader. Tesla Drops Out of the Top Ten
The fund's largest single equity holding remains Nvidia, whose shares were worth NOK 612 billion at the end of the second quarter. The next spots were taken by Apple, valued at NOK 522 billion, and Alphabet at NOK 499 billion. Microsoft, Taiwan Semiconductor, and Amazon followed. The top ten also included Broadcom, Samsung Electronics, ASML, and SK Hynix.
Tesla, Meta, and Eli Lilly, which were in the top ten at the beginning of the year, dropped out of the ranking. Tesla fell to 13th place, with the fund's stake in the company valued at NOK 156 billion, about NOK 5 billion less than at the end of the previous year. Meta ranked 11th with NOK 169 billion, while Eli Lilly was 14th with NOK 130 billion. Their places at the top were taken by companies related to the semiconductor market: Samsung Electronics, SK Hynix, and ASML.
Tesla, Meta, and Eli Lilly, which were in the top ten at the beginning of the year, dropped out of the ranking. Tesla fell to 13th place, with the fund's stake in the company valued at NOK 156 billion, about NOK 5 billion less than at the end of the previous year. Meta ranked 11th with NOK 169 billion, while Eli Lilly was 14th with NOK 130 billion. Their places at the top were taken by companies related to the semiconductor market: Samsung Electronics, SK Hynix, and ASML.
At the end of the second quarter, the fund also held SpaceX shares worth NOK 12.1 billion. Meanwhile, this year's state budget used NOK 579 billion from the fund, which corresponds to about NOK 103,000 per resident. According to the established rule, up to 3 percent of the fund's value may be used by the budget each year.
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