Norway’s $1.4 trillion sovereign wealth fund, the largest in the world, has reduced its stake in some of the leading technology companies in the first half of 2024, including Meta Platforms and increased its investments in energy firms.
The holdings of Norges Bank Investment Management (NBIM) in Meta Platforms, the parent company of Facebook currently amount to 1.18%—worth about $15.1 billion as of June 2024. The number is nonetheless a reduction from the 1.22% the fund held at the end of 2023, according to its latest financial disclosure.
NBIM also reduced its stake in the pharmaceutical provider Novo Nordisk to 1.75% from 1.87% in December and reduced its holdings in ASML to 2.54% from 2.61% six months prior.
During this period, the fund also increased its ownership of shares in its three biggest energy holdings, Exxon Mobil, Shell and BP, while trimming positions in Tesla and Volkswagen.
Apple, Microsoft, and NVIDIA were NBIM’sthree biggest equity investments at the end of June 2024, according to the disclosures.
Norway’s sovereign fund largely tracks a benchmark index based on a framework handed down by the country’s parliament. At the end of June 2024, the fund owned stakes in more than 8,800 companies worldwide, with 72% of all investments in equities and about 26% in fixed income.
NBIM has announced that, moving forward, it will provide biannual updates.
