Norway's $1.5 trillion wealth fund increased its bets on the largest technology companies last year. Surging investor interest in artificial intelligence (AI) has sent stock prices in the industry soaring. The fund is the largest single investor holding the most shares of publicly traded companies.
According to the holding list published annually by Norges Bank Investment Management on its website, last year it increased its holdings in Apple Inc., Microsoft Corp., Alphabet Inc. , Amazon.com; and also increased its holdings in the world's two most valuable chip companies - Nvidia and TSMC, as well as chip equipment manufacturer ASML Holding NV.
Apple, Microsoft and Alphabet top the fund's holdings, which has benefited as artificial intelligence advances and demand for semiconductor components surges. The fund is scheduled to release key full-year performance data on Tuesday.
The fund was established in the 1990s to invest Norway's oil and gas revenues overseas, tracking a benchmark index based on a parliament-approved framework.
As of the end of last year, the fund's 1.26% stake in Microsoft was worth approximately US$35 billion, surpassing its 1.11% stake in Apple and becoming the largest single position.
The fund also added to its holdings of electric vehicle makers Tesla Inc and BYD. The list shows that its holdings in Tesla increased from 0.87% to 0.98%, with a value of approximately US$7.7 billion, ranking 11th among this fund’s holdings. Its shareholding in BYD increased from 0.38% to 0.57%.
As of the end of last year, it still held 1.04% of Volkswagen shares, up from 0.75% a year ago.
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