The $1.4 trillion Norwegian sovereign wealth fund returned 9.4% in the first half of the year. The fund's investments in energy, finance, and technology companies saw double-digit growth in its stock portfolio.

Norwegian sovereign wealth funds, headquartered in Oslo, are among the largest in the world. The fund said on Wednesday that the return on equity assets was close to 14%, and the return on energy investments was close to 20%. Investment in bonds and renewable energy infrastructure declined, while the return on real estate was 4.6%. The fund's total return is slightly higher than the benchmark it uses for comparison.

The fund's CEO and former hedge fund manager Nicolai Tangen previously warned that generous returns should not be expected to continue to be obtained. Earlier this week, he said the inflation rate is now becoming the biggest threat to returns, and both stocks and bonds could be at risk. Currently, various parties are continuously debating whether the rise in prices is “temporary” or long-lasting. In the past two months, the US inflation rate has both exceeded 5%, the highest in more than ten years.

Tangen has been CEO for almost a year, and since he took office, the fund has been more open about its commitment to sustainability. The fund plans to accelerate its holdings of companies that pose risks from an environmental, social, and governance perspective. The company will also limit its exposure to emerging markets based on the same strategy.

At the same time, the fund is also adjusting its focus and shifting its positions from Europe to North America in the hope of achieving higher returns. On Wednesday, the fund disclosed that the value of technology stock holdings climbed 16.8%, mainlyapples,Microsoft, Alphabet Inc., andAmazonsThe stock.

The Norwegian Sovereign Wealth Fund was founded in the 90s of the last century to invest the country's oil and gas revenues overseas. Earlier this year, the fund entered renewable infrastructure for the first time. This move is a landmark event representing the expansion of the fund's asset class, which previously included only stocks, bonds, and real estate.