Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, reported a 5.8% return in Q3, reaching a value of $2 trillion with a profit of $102.56 billion. The fund’s equity investments returned 7.7%, driven by strong stock market gains in basic materials, telecommunications, and finance, with U.S. stocks making up nearly 40% of the equity holdings.

During a volatile quarter for stock markets, Big Tech stocks like Meta, Alphabet, Amazon, Nvidia, and Microsoft saw gains, fueling investor optimism in the AI sector. Norges Bank Investment Management also holds stakes in JP Morgan Chase, Walmart, Eli Lilly, and Coca Cola. The fund also invests in fixed income, renewable energy, and real estate, with a return on equity investments of 71.2%.

Despite concerns of an AI bubble in equity markets, NBIM reported a 1.4% return on fixed income investments, 0.3% on renewable energy infrastructure, and 1.1% on real estate. The fund saw capital inflows of 81 billion kroner after management costs, with a 0.7% appreciation of the Norwegian krone against the U.S. dollar in Q3, and a 12% gain over the year.

In early September, the fund announced a $543 million investment in a Manhattan office tower. However, the Trump administration criticized NBIM for divesting its stake in Caterpillar due to concerns about the conflict in the Gaza Strip. Despite this, the fund continues to make strategic investments and diversify its portfolio across various sectors and geographies.

Read more at CNBC: Norway $2 trillion sovereign wealth fund Q3 earnings