Norway’s sovereign wealth fund cuts stake in Meta, Apple, Nvidia

Norges Bank Investment Management headquarter

Norges Bank Investment Management (NBIM) trimmed its stake in Meta Platforms, Novo Nordisk, and ASML Holding during the first half of 2024.

According to the updated list of its investments, the largest sovereign fund in the world reduced its holdings in the parent company of Facebook to 1.18% from 1.22% at the end of 2023.

It also reduced its stake in the pharmaceutical provider Novo Nordisk to 1.75% from 1.87% by the end of last year and reduced its holdings in ASML to 2.54% from 2.61%.

Apple, Microsoft, and NVIDIA were NBIM’s largest holdings of shares at the end of June.

The fund bought more shares of three energy companies: Exxon Mobil, Shell, and BP.

By the end of June, NBIM owned stakes in more than 8,800 companies worldwide, with 72% of its investments concentrated in stocks and about 26% in fixed-income instruments.

It was usual for the fund, which has $1.7 trillion in assets, to provide an annual update of its investment portfolio, but from now on it will announce it twice a year.