The $2.3 trillion fund, managed by Norges Bank Investment Management, returned 11.5% in the second quarter, according to a statement Wednesday. It was the best result since the second quarter of 2020.

Equity investments drove the gains, with 16% return, while fixed income contributed 1.1%. Unlisted real estate and infrastructure investments both returned 1.8% in the quarter.

"The result is driven by good returns in the equity market, particularly from Asian technology stocks," Chief Executive Officer Nicolai Tangen said.

The fund owns about 1.5% of all listed stocks globally and has become one of the world's biggest investors in artificial intelligence-linked companies. Nvidia Corp. remained the fund's biggest holding as of the end of the first half, followed by Microsoft Corp. and Apple Inc.

The first-half return was 9.4%, beating the fund's benchmark index by 22 basis points. The first-half performance, driven by telecommunications, technology and energy, follows a 15.1% return in 2025. Tech stocks, led by AI-related companies, were also the biggest driver of those gains.

The fund is mandated by Norway's Finance Ministry to closely track a benchmark index, with only limited scope to deviate through active management. Most of its performance therefore reflects movements in global equity and bond markets rather than discretionary stock picking.

The results come as the fund remains at the center of a domestic political debate over its ethical guidelines and its investments in companies involved in Israel's war in Gaza.

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Norway's parliament last year ordered a review of the ethical guidelines governing the sovereign wealth fund, temporarily suspending company exclusions while a committee examines whether the rules should be changed. The review, requested by Finance Minister Jens Stoltenberg, is due to conclude by Oct. 15.

NBIM has also expanded its own use of artificial intelligence internally, deploying large language models to screen newly added portfolio companies for governance, corruption and human-rights risks, to complement traditional monitoring.