Norway’s US$1.4 trillion sovereign wealth fund, the world’s biggest, generated a 9.4% return in the first half of the year after its investments in energy, finance and technology companies helped drive double-digit gains in its stock portfolio.

Oslo-based Norges Bank Investment Management returned almost 14% on stocks, with energy investments up nearly 20%, it said on Wednesday. Investments in bonds and renewable energy infrastructure slipped, while real-estate holdings grew. Its total return, equivalent to roughly US$110 billion, was marginally higher than that of the benchmark against which it measures itself.

Chief Executive Officer Nicolai Tangen, a former hedge-fund manager who’s been running Norway’s giant sovereign investment vehicle for almost a year, has previously cautioned against expecting continued bumper returns.

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