Norway's sovereign wealth fund has released its latest 13F holdings report.
Zhitong Finance and Economics has learned that Norway's sovereign wealth fund has released its latest holdings data. As of June 30th, the fund had a market value of $1.67 trillion, an increase of about 7% from the end of 2023. In the first half of this year, it reduced its holdings of Meta Platforms (META.US), Novo Nordisk (NVO.US), and ASML Holding (ASML.US), but all three companies remain among its top ten holdings. The fund also increased its holdings of three energy stocks - Exxon Mobil (XOM.US), Royal Dutch Shell (SHEL.US), and BP plc (BP.US) stocks, while reducing its holdings of Tesla (TSLA.US) and Volkswagen stocks.
The fund reduced its stake in Meta from 1.22% at the end of 2023 to 1.18%, with a value of approximately $15.1 billion as of mid-year. As of mid-year, the fund held 1.75% of Novo's shares, down from 1.87% at the beginning of the year. At the same time, the fund's holdings of ASML shares decreased from 2.61% to 2.54%.
Traditionally, the fund updates its investment portfolio once a year, but will now update it twice a year. As of the end of June, the fund's top three holdings were Apple Inc. (AAPL.US), Microsoft Corporation (MSFT.US), and Nvidia Corporation (NVDA.US).
The Norway Sovereign Wealth Fund was established in the 1990s with the purpose of investing Norway's oil and gas revenues overseas, and it primarily tracks benchmark indices based on parliamentary frameworks. The company is scheduled to release its first-half performance on Wednesday. As of the end of June, the fund held shares in more than 8,800 companies worldwide, with 72% in stocks and approximately 26% in fixed income investments.
The Norway Sovereign Wealth Fund has been stepping up its efforts to use its influence to influence companies, particularly on issues such as climate change, board gender diversity, and executive pay. Since 2021, it has been publishing its voting intentions ahead of annual shareholder meetings and began submitting its own shareholder proposals last year. During this voting season, the Norwegian giant provided a customized rationale for why it would vote against a $56 billion pay plan for Tesla CEO Elon Musk and against the appointment of Exxon Mobil Director Joseph Hulie.