The head of Norway's $2.3 trillion sovereign wealth fund, the world's largest, said the fund's record first-half returns are "as good as it gets" and that tougher times may be ahead. Nicolai Tangen, CEO of Norges Bank Investment Management, cited risks including artificial intelligence valuations, inflation and geopolitical conflict, according to Bloomberg.
The fund reported its best quarterly earnings in six years, with returns exceeding 9% in the first half of the year, gaining approximately $185 billion. The fund is an investor in about 1.5% of the world's listed companies.
Tangen cautioned investors not to expect a repeat of the blowout performance, saying the environment may become more challenging. Despite the strong results, he expressed nervousness about the future, pointing to the potential for market turbulence.