Norway’s sovereign wealth fund reported first-half 2026 assets of $2.34 trillion, with an investment return of 9.4% and profit of $184.9 billion. Helped by the artificial intelligence boom, the market value of its Taiwan stock holdings climbed 50.7% to $61.914 billion, roughly NT$2 trillion, lifting Taiwan’s weight in its global equity portfolio to 3.68%.
TSMC accounted for $33.525 billion of those holdings and remained the fund’s fifth-largest position globally. Yageo’s holding value surged 426% to $1.12 billion, making it the fifth-largest Taiwan stock in the portfolio. The first-half reshuffle showed capital moving away from consumer-oriented traditional industries, automotive names and green-energy supply chains, and toward AI supply-chain components and semiconductor consumables.
$2.34 trillion in assets, with TSMC in the global top five
The fund said its first-half gains were driven mainly by global equities, with Asian technology stocks standing out. Its five largest holdings were NVIDIA, Apple, Alphabet, Microsoft and TSMC.
TSMC was the only non-U.S. company in that top-five group. Its holding value stood at $33.525 billion, equal to 1.7% of the fund’s total assets. The fund also held about a 0.05% stake in SpaceX.
333 Taiwan stocks held as of June 30
As of June 30, 2026, the fund held shares in 333 listed Taiwanese companies. Taiwan equities made up 3.68% of its global stock portfolio.
Its top five Taiwan holdings were TSMC, MediaTek, Delta Electronics, Hon Hai and Yageo. MediaTek rose to the No. 2 Taiwan position with a holding value of $3.183 billion. Delta Electronics posted a 75% year-on-year increase in holding value to $1.756 billion. Yageo’s position value rose 426% to $1.12 billion, with its ranking advancing from 18th at the end of the previous year to fifth.
The fund’s top 10 Taiwan holdings also included ASE Technology Holding, Taiwan Union Technology, Accton, Unimicron and UMC, pointing to a portfolio concentrated in semiconductors and electronic components.
14 additions and 20 removals in the first half
On portfolio changes, the fund added 14 Taiwan stocks and removed 20 during the first half. The additions were concentrated in AI server-related segments, including passive components makers Promate Electronic, Holy Stone and APAQ Technology, optical communications firms Universal Microwave Technology and Arcadyan?
It also added names in printed circuit boards and semiconductor testing consumables, including Topoint, Nan Ya PCB and WinWay Technology, as well as memory-related companies Team Group and ESMT, plus connector and thermal-module suppliers JPC Connectivity and Shenmao?
The removal list included automakers China Motor and Yulon, precision machinery and aerospace-related companies Chieftek Precision, Hiwin? Taiwan Precision? and Evergreen Aviation Technologies, along with green-energy and energy-storage supply-chain names such as Swancor Renewable Energy, HD Renewable Energy, Xx and Phihong.
Allocation shifted toward AI-linked components
ABMedia said the fund’s Taiwan positioning showed two trends. First, capital allocation tied to AI expanded from wafer foundry and core chips into peripheral components and testing consumables. Second, portfolio concentration increased, while traditional manufacturers without AI growth support and green-energy stocks with higher capital expenditure saw lower weightings.