Latest news with #NicolaiTangen
Business Insider
an hour ago
- Business
- Business Insider
NVDA, AAPL, and TSLA Among the Stocks Norway's $1.9T Wealth Fund Bought in Q2
Norway's $1.9 trillion sovereign wealth fund had its best quarter since late 2023, earning a 6.4% return in the second quarter, thanks mostly to strong global stock market gains. Equities rose 8.45%, and unlisted infrastructure investments climbed 8.1%. Fixed income and unlisted real estate also added small positive returns, according to Norges Bank Investment Management (NBIM). The world's largest wealth fund, which owns about 1.5% of all listed stocks globally, keeps over two-thirds of its assets in equities, all outside of Norway. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. In the first half of the year, it increased investments in companies like Nvidia (NVDA), Apple (AAPL), TSMC (TSM), and Tesla (TSLA), while reducing its positions in Microsoft (MSFT), Alphabet (GOOGL), Meta (META), Broadcom (AVGO), and several major oil companies. For the first half of 2025, the fund returned 5.7%, coming in just 0.05% below its benchmark. European stocks led the way with a 17.8% gain, compared to just 1.4% in North America. CEO Nicolai Tangen emphasized that the fund's size means it must focus on long-term, broad diversification, with more than half of its portfolio in the U.S. and just under a third in Europe. Furthermore, a stronger Norwegian currency slightly reduced returns, which lowered the fund's value by 0.8% to 19.6 trillion kroner ($1.9 trillion) at the end of the quarter. Interestingly, the fund was created in the early 1990s to invest Norway's oil and gas revenues for future generations. In addition, NBIM follows benchmark indexes with holdings in around 8,700 listed companies across 44 countries, and a fixed-income portfolio weighted toward government bonds. Which Tech Stock Is the Better Buy? Turning to Wall Street, out of the stocks mentioned above, analysts think that MSFT stock has the most room to run. In fact, MSFT's average price target of $623.34 per share implies more than 17% upside potential. On the other hand, analysts expect the least from TSLA stock, as its average price target of $305.37 equates to a loss of 10.1%.
Yahoo
8 hours ago
- Business
- Yahoo
Norway's sovereign wealth fund sells its shares in 11 Israeli firms
Norway's sovereign wealth fund has sold its shares in 11 Israeli companies, its managers said on Monday, a move they said reduces its holdings in the country against the backdrop of the 'serious humanitarian crisis' in Gaza. The management of the fund, which invests Norway's profits from oil and gas, said in a statement that it had investments in 61 Israeli companies at the end of this year's first half. It said it decided last week to sell all its investments in 11 firms that are not in the Norwegian Finance Ministry's equity benchmark index, and it has spent recent days completing those sales. It did not identify the companies concerned. The fund also said it will move all investments in Israeli companies that have been run by external managers in-house and is terminating contracts with external managers in Israel. Related European leaders criticise Israel's Gaza City takeover decision as humanitarian concerns rise Norwegian PM backs Israel but calls for 'proportionality' in Hamas offensive 'These measures were taken in response to extraordinary circumstances. The situation in Gaza is a serious humanitarian crisis,' said Nicolai Tangen, the CEO of Norges Bank Investment Management, which manages what is widely known as the Oil Fund. 'We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened. In response, we will further strengthen our due diligence.' Tangen added in a statement that the latest move 'will simplify the management of our investments in this market' and reduce the number of companies that the fund's council on ethics monitors. The fund's management noted that it intensified its monitoring of investments in Israeli companies last fall and sold its holdings in 'several' firms as a result. Officially known as the Government Pension Fund Global, the Oil Fund owns nearly 1.5% of all shares in the world's listed companies, with holdings in about 9,000 firms, according to its management's website. In 2022, in response to Moscow's invasion of Ukraine, the fund froze and sold off its Russian holdings. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
9 hours ago
- Business
- Mint
Norway's $1.9 trillion sovereign fund divests from Israeli companies amid backlash over Gaza humanitarian crisis
Norway's $1.9 trillion sovereign wealth fund, officially known as Norges Bank Investment Management (NBIM), has divested from 11 Israeli companies and is terminating all contracts with external managers in the country, due to immense public pressure over links to the humanitarian crisis in Gaza, Bloomberg reported on August 12. Notably, NBIM is the world's biggest sovereign wealth, and as such, backlash over the fund's investments in Israeli companies has grown due to allegations of genocide and war crimes by the IDF against civilians in Gaza. In a statement, the NBIM said that the fund held stock in some 61 Israeli companies till June 2025, with CEO Nicolai Tangen adding: 'We are taking these measures in a very special conflict situation.' He also described the situation in Gaza as 'a serious humanitarian crisis.' According to the BB report, Norway's sovereign fund is largely an index tracker, but has some room for active management. In its statement, NBIM said it will end all its active management in Israel — representing a fraction of the 0.1% of its total Israeli holdings — and that it has already sold all stocks in the 11 companies that are not part of the index. The fund also said it will remain invested in some but not all of the Israeli companies in the index. NBIM — which owns about 1.5 per cent of the world's stocks — has long sought to remain apolitical, though its mandate includes guidelines set by parliament that reflect broadly held public views on issues ranging from land mines to climate change. It is advised by an external ethics council, which assesses the portfolio on an ongoing basis and recommends companies for exclusion or observation. Still, NBIM's position as the world's biggest sovereign wealth fund has drawn the attention of politicians and activists. In 2022, the fund decided to freeze and sell its Russian holdings in response to Moscow's full-scale invasion of Ukraine. Later that year, a government-appointed panel warned that the fund was likely to face increasingly challenging moral dilemmas. In a recent poll, 78 per cent of respondents said they wanted NBIM to exclude companies that do not respect human rights. The fund has previously excluded 11 companies due to their activities in the West Bank. Norway recognized Palestinian statehood in May last year, and has repeatedly called for Israel to let more humanitarian aid into Gaza. Finance minister Jens Stoltenberg ordered a review of all Israeli investments last week after the newspaper Aftenposten reported that one of the fund's holdings, Bet Shemesh Engines, services fighter jets used to attack Gaza. NBIM first bought a 1.3 per cent holding in Bet Shemesh Engines in 2023, and increased its position to 2.1 per cent last year, according to its website. The debate over the fund's holdings in Israel comes at a sensitive time for the ruling Labor Party in Norway, which is leading in opinion polls ahead of next month's parliamentary elections. The Labor Party has been critical of Israel's war, saying it violates international law. The Green Party, one of the smaller opposition forces, has called for the resignation of Tangen, the fund's CEO, and the Socialist Left has demanded a review of what the government knew about the investments. 'Because we are approaching an election, various parties are using this to advance their own interests and define themselves,' said Karin Thorburn, who teaches at the Norwegian School of Economics and the Wharton School at the University of Pennsylvania. Still, she said, 'no one wants the oil fund to become a political tool, because that creates a slippery slope.' (With inputs from Bloomberg)
Kuwait Times
11 hours ago
- Business
- Kuwait Times
Norway fund drops investments in 11 Zionist entity companies
Decision 'in response to extraordinary circumstances' in Gaza OSLO: Norway's sovereign wealth fund, the world's largest, said Monday that it was selling its investments in 11 Zionist entity companies, following reports it had invested in a Zionist jet engine maker even as the war in Gaza raged. The announcement follows an urgent review launched last week following media reports that the fund had built a stake in a Zionist jet engine group that provides services to Zionist entity's armed forces, including the maintenance of fighter jets. 'All investments in Zionist companies that have been managed by external managers will be moved in-house and managed internally,' the fund said. 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. Norway's wealth fund, also known as the oil fund as it is fuelled 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 spanning the globe. Last week, Norwegian newspaper Aftenposten reported that the fund had invested Zionist entity's Bet Shemesh Engines Holdings, which makes parts for engines used in Zionist fighter jets. Tangen later confirmed the reports, and said the fund had increased its stake after the Zionist 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 Zionist 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. In a statement, it added that it had decided last week that 'all investments in Zionist companies that are not in the equity benchmark index will be sold as soon as possible'. 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 Zionist entity companies had been intensified in the autumn of 2024, and that 'as a result, we have sold our investments in several Zionist companies'. 'We have now completely sold out of these positions,' the fund said, adding that it continued to review Zionist entity companies for potential divestments. The review will also lead to improved due diligence, it added. The fund, which owns stakes in 8,700 companies worldwide, held shares in 65 Zionist companies at the end of 2024, valued at $1.95 billion, its records show. In the last year it sold its stakes in a Zionist entity energy company and a telecoms group over ethics concerns, and its ethics watchdog has said it is reviewing whether to divest holdings in five banks. Norway's parliament in June rejected a proposal for the fund to divest from all companies with activities in the occupied Palestinian territories. – Agencies
LBCI
13 hours ago
- Business
- LBCI
Norway sovereign fund drops investments in 11 Israeli companies
Norway's sovereign wealth fund, the largest in the world, said Monday that it was selling its investments in 11 Israeli companies, following revelations that it had invested in an Israeli jet engine maker even as the war in Gaza raged. "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," said Nicolai Tangen, chief of Norges Bank Investment Management, which manages the fund. AFP
