{"slug": "norway-oil-fund-ceo-says-hes-more-nervous-after-record-returns", "title": "Norway oil fund CEO says he’s more nervous after record returns", "summary": "Nicolai Tangen, CEO of Norway's $2.3 trillion sovereign wealth fund, said he is more nervous after the fund posted a record first-half return of 1.4 trillion kroner ($150 billion), citing AI valuations and geopolitical risks. The fund, managed by Norges Bank Investment Management (NBIM), warned that an AI bubble could cost 35% of its value and geopolitical risks could wipe out 37%, with its top 10 holdings now accounting for nearly 25% of its value.", "body_md": "A record first-half return for Norway’s $2.3 trillion sovereign wealth fund is “as good as it gets,” its chief executive officer said.\n\n“Of course, after a rally like that, you are a bit more nervous, a bit more conscious about all the dangers out there,” Nicolai Tangen said in a Bloomberg TV interview. “We are seeing a lot of reasons to be really cautious. We are seeing, you know, AI valuations. We are seeing geopolitics.”\n\nTangen spoke after the fund reported an all-time high gain of 1.4 trillion kroner ($150 billion) for the first half of the year, helped by gains from its holdings in global technology companies.\n\nRead More: [Norway $2.3 Trillion Fund Posts Best Quarter Since 2020](https://www.bloomberg.com/news/articles/2026-08-12/norway-2-3-trillion-fund-returns-9-4-in-first-half)\n\nThe chief executive’s comments follow warnings earlier this year about political risk, with an expert panel naming such risks in the US and concentration risk in tech companies. The fund has earlier said an AI bubble could potentially cost the world’s largest wealth fund 35% of its value. Geopolitical risk, including global investment restrictions and severe tariffs, could wipe out as much as 37% of the fund’s value in a worst-case scenario.\n\nThe largest 10 holdings account for “nearly” 25% of the value of the fund, Tangen said, adding “we’ve never seen a concentration risk like that.”\n\nFounded in the early 1990s, NBIM now owns about 1.5% of the world’s total listed companies. It invests in line with a benchmark index set by Norway’s finance ministry and its scope for active moves is limited. Its portfolio spans equities, fixed income, real estate, and renewable infrastructure, all outside Norway.\n\n*breaks the traditional barrier between audience and newsroom. The show transforms*\n\n**Fortune Daily*** Fortune*’s trusted reporting into actionable, conversational, and entertaining insights for an emerging class of business leaders.\n\n**Watch here.**", "url": "https://wpnews.pro/news/norway-oil-fund-ceo-says-hes-more-nervous-after-record-returns", "canonical_source": "https://fortune.com/2026/08/12/norway-oil-fund-ceo-says-hes-more-nervous-after-record-returns/", "published_at": "2026-08-12 14:56:30+00:00", "updated_at": "2026-08-12 15:16:26.039679+00:00", "lang": "en", "topics": ["artificial-intelligence"], "entities": ["Nicolai Tangen", "Norway's sovereign wealth fund", "Norges Bank Investment Management", "Bloomberg TV"], "alternates": {"html": "https://wpnews.pro/news/norway-oil-fund-ceo-says-hes-more-nervous-after-record-returns", "markdown": "https://wpnews.pro/news/norway-oil-fund-ceo-says-hes-more-nervous-after-record-returns.md", "text": "https://wpnews.pro/news/norway-oil-fund-ceo-says-hes-more-nervous-after-record-returns.txt", "jsonld": "https://wpnews.pro/news/norway-oil-fund-ceo-says-hes-more-nervous-after-record-returns.jsonld"}}