Latest news with #Nicolai Tangen
The National
12-08-2025
- Business
- The National
Norway's sovereign fund expects more withdrawals from Israeli portfolio
Norway's $2 trillion sovereign wealth fund, the world's largest, on Tuesday said that it expects more withdrawals from its Israeli portfolio. The announcement came one day after it said it was terminating contracts with external asset managers handling some of its investments in Israeli companies. It has also divested parts of its portfolio in Israel over the deteriorating humanitarian crisis in Gaza. 'We expect to divest from more companies,' the fund's chief executive, Nicolai Tangen, said at a press conference. The fund announced that it had sold its stakes of just over 2 per cent in Israeli jet engine group Bet Shemesh Engins Ltd (BSEL). It provides services to Israel's armed forces, including the maintenance of fighter jets. Norges Bank Investment Management (NBIM), an arm of Norway's central bank, which held stakes in 61 Israeli companies as of June 30, in recent days divested stakes in 11, including BSEL. It did not name the other companies. The fund began investing in BSEL in November 2023, about one month after the war in Gaza began, through an external investment manager, Mr Tangen said. The fund declined to give details of the external portfolio manager. BSEL was later reviewed as a high-risk stock in May. That change should have been quicker, Mr Tangen said, adding that NBIM should have had a tighter overview of these investments earlier. 'We should have been quicker in taking back control of the Israeli investments,' he said. The review began last week following media reports that the fund had built a stake in BSEL, which did not respond to requests for comment. NBIM had held quarterly meetings with Bet Shemesh Holdings, but the war in Gaza was not raised as a theme. 'We had discussions about their business in the United States, not about the war in Gaza,' Mr Tangen said, adding that the fund had rated BSEL as a 'medium risk' stock with regards to ethics concerns. In a press statement issued on Monday, the fund said that Norway's Finance Ministry had requested that it review its implementation of the management mandate of the fund, its investments in Israeli companies, and to propose new measures that it deems necessary. It has until August 20 to respond to a letter sent by the Finance Ministry. The fund said that the 11 Israeli companies that it had divested from since June were 'not in the equity benchmark index of the ministry'. Last week, NBIM decided to sell all investments in Israeli companies that are not in the equity benchmark. All investments in Israeli companies that had been managed externally would also be brought in-house. 'These measures were taken in response to extraordinary circumstances. The situation in Gaza is a serious humanitarian crisis. We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened,' Mr Tangen said in that statement. The fund, which invests the Norwegian state's revenue from oil and gas production, is one of the world's largest investors, owning on average 1.5 per cent of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects. On Tuesday, it posted a 698 billion Norwegian crowns ($68.28 billion) profit for the first half of the year, earning an overall return of 5.7 per cent in line with its benchmark index. 'The result is driven by good returns in the stock market, particularly in the financial sector,' Mr Tangen said in a statement.
Zawya
12-08-2025
- Business
- Zawya
Norway wealth fund posts $68bln profit for January-June, lifted by finance stocks
ARENDAL, Norway - Norway's $2 trillion sovereign wealth fund, the world's largest, posted a 698 billion Norwegian crowns ($68.28 billion) profit for the first half of the year, lifted by strong returns among stocks in the financial industry, it said on Tuesday. The fund's overall return for the January-June period was 5.7%, which was 0.05 percentage point lower than the return on the fund's benchmark index. "The result is driven by good returns in the stock market, particularly in the financial sector," fund CEO Nicolai Tangen said in a statement. The fund, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5% of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects. The return on equity investments was 6.7% percent in the first half, while fixed-income returned 3.3%, unlisted real estate 4.0% and unlisted renewable energy infrastructure 9.4%, Norges Bank Investment Management (NBIM) said in its statement. NBIM announced on Monday it was terminating contracts with external asset managers handling its Israeli investments and has divested parts of its portfolio in the country over the situation in Gaza and the West Bank. It is expected to provide more detail on its partial Israeli divestment on Tuesday. The fund is due to holds a press conference at 0800 CET (0600 GMT). ($1 = 10.2223 Norwegian crowns)
Al Arabiya
12-08-2025
- Business
- Al Arabiya
Norway wealth fund posts $68 bln profit for January-June, lifted by finance stocks
Norway's $2 trillion sovereign wealth fund, the world's largest, posted a 698 billion Norwegian crowns ($68.28 billion) profit for the first half of the year, lifted by strong returns among stocks in the financial industry, it said on Tuesday. The fund's overall return for the January-June period was 5.7 percent, which was 0.05 percentage point lower than the return on the fund's benchmark index. 'The result is driven by good returns in the stock market, particularly in the financial sector,' fund CEO Nicolai Tangen said in a statement. The fund, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5 percent of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects. The return on equity investments was 6.7 percent in the first half, while fixed-income returned 3.3 percent, unlisted real estate 4.0 percent and unlisted renewable energy infrastructure 9.4 percent, Norges Bank Investment Management (NBIM) said in its statement. NBIM announced on Monday it was terminating contracts with external asset managers handling its Israeli investments and has divested parts of its portfolio in the country over the situation in Gaza and the West Bank. It is expected to provide more detail on its partial Israeli divestment on Tuesday. The fund is due to hold a press conference at 0800 CET (0600 GMT).
Reuters
12-08-2025
- Business
- Reuters
Norway wealth fund posts $68 bln profit for January-June, lifted by finance stocks
ARENDAL, Norway, Aug 12 (Reuters) - Norway's $2 trillion sovereign wealth fund, the world's largest, posted a 698 billion Norwegian crowns ($68.28 billion) profit for the first half of the year, lifted by strong returns among stocks in the financial industry, it said on Tuesday. The fund's overall return for the January-June period was 5.7%, which was 0.05 percentage point lower than the return on the fund's benchmark index. "The result is driven by good returns in the stock market, particularly in the financial sector," fund CEO Nicolai Tangen said in a statement. The fund, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5% of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects. The return on equity investments was 6.7% percent in the first half, while fixed-income returned 3.3%, unlisted real estate 4.0% and unlisted renewable energy infrastructure 9.4%, Norges Bank Investment Management (NBIM) said in its statement. NBIM announced on Monday it was terminating contracts with external asset managers handling its Israeli investments and has divested parts of its portfolio in the country over the situation in Gaza and the West Bank. It is expected to provide more detail on its partial Israeli divestment on Tuesday. The fund is due to holds a press conference at 0800 CET (0600 GMT). ($1 = 10.2223 Norwegian crowns)
Al Arabiya
11-08-2025
- Business
- Al Arabiya
Norway sovereign wealth fund drops investments in 11 Israeli firms
Norway's sovereign wealth fund said Monday that it was selling its investments in 11 Israeli companies following reports it had invested in an Israeli jet engine maker even as the war in Gaza raged. Nicolai Tangen, chief of Norges Bank Investment Management (NBIM), which manages the fund, said the decision was taken 'in response to extraordinary circumstances.' 'The situation in Gaza is a serious humanitarian crisis. We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened,' Tangen said in a statement. He said the move would reduce the number of Israeli companies the fund's Council of Ethics needed to supervise. Norway's wealth fund – also known as the oil fund as it is fueled by vast revenue from the country's energy exports – is the biggest in the world with a value of around $1.9 trillion, with investments in more than 8,600 companies spanning the globe. Last week, Norwegian newspaper Aftenposten reported that the fund had invested in Israeli Bet Shemesh Engines Holdings, which makes parts for engines used in Israeli fighter jets. Tangen later confirmed the reports, and said the fund had increased its stake after the Israeli offensive in Gaza began. The revelations led Prime Minister Jonas Gahr Store to ask Finance Minister and former NATO secretary general Jens Stoltenberg for a review. NBIM said it had investments in 61 Israeli companies at the end of the first six months of this year, 11 of which were not in its 'equity benchmark index' – which is set by the finance ministry and used to gauge the wealth fund's performance. NBIM added that it had decided last week that 'all investments in Israeli companies that are not in the equity benchmark index will be sold as soon as possible.' Ethical guidelines Going forward, 'the fund's investments in Israel will now be limited to companies that are in the equity benchmark index,' it said. NBIM also said that all investments in Israeli companies managed by external managers would be moved in-house, and that it was 'terminating contracts with external managers in Israel.' In addition, NBIM said the finance ministry had asked it to review 'its investments in Israeli companies, and to propose new measures that it deems necessary.' It said it initiated the review and would present its findings before an August 20 deadline. The fund also said that it had 'long paid particular attention to companies associated with war and conflict.' 'Since 2020, we have been in contact with more than 60 companies to raise this issue. Of these, 39 dialogues were related to the West Bank and Gaza,' NBIM said. It said that monitoring of Israeli companies had been intensified in the autumn of 2024, and that 'as a result, we have sold our investments in several Israeli companies.' Speaking at a press conference later Monday, Stoltenberg said he was glad Norges Bank had 'acted quickly.' 'The fund's ethical guidelines stipulate that it shall not invest in companies that contribute to violations of international law by states,' he told reporters. 'Therefore, the pension fund should not hold shares in companies that contribute to Israel's warfare in Gaza or the occupation of the West Bank,' he said. Also on Monday, Norwegian pension fund KLP said it had excluded Israeli company NextVision Stabilized Systems 'from its investments because the company supplies key components for military drones used in the war in Gaza.'
