Equities contributed the most to the strong returns delivered by the Norwegian oil fund's asset manager Norges Bank Investment Management (NBIM) in the first half of the year.

The equity portfolio's returns amounted to 13.7 percent, with energy stocks being the strongest performing sector. Energy companies delivered returns of 19.5 percent, while financials came in second place with 18.2 percent. Tech stock returns amounted to 16.8 percent, according to the report published today.

"Oil prices climbed during the first half of the year as a result of stronger global demand for oil and lower oil stocks due to OPEC+ producers restricting the supply of oil," the report states.

Region-wise, North American stocks performed the strongest, returning 17 percent. The region covered 45 percent of the fund's entire equity portfolio. European stocks returned 13.6 percent, while Asia and Oceania returned 7.8 percent.

Unlisted real estate also delivered positive returns, albeit much lower than equities. The portfolio's half-year returns amounted to 4.6 percent. Fixed income and unlisted renewable infrastructure delivered -2 percent and -1.9 percent, respectively.

The oil fund's value at the half-year mark was NOK 11,673bn (EUR 1,123bn). 72.4 percent of the fund was invested in equities, 25.1 percent in fixed income, 2.4 percent in unlisted real estate, and 0.1 percent in unlisted renewable energy infrastructure.

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