Norges Bank Investment Management (NBIM), the manager of Norway’s US$1.70 trillion sovereign wealth fund, reduced its holdings in Meta Platform, Novo Nordisk (NYSE:NVO) and ASML during the first half of 2024.
According to an updated list of investments published Tuesday, NBIM's ownership in Meta was trimmed to 1.18%, valued at approximately $15.1 billion, down from 1.22% at the end of 2023.
Similarly, the fund reduced its stake in Novo Nordisk to 1.75% from 1.87% and cut its holding in ASML to 2.54% from 2.61%.
Tech is still important with, as of June, Apple, Microsoft, and Nvidia the fund’s three largest equity investments.
During the same period, NBIM increased its shares in Exxon Mobil, Shell, and BP while reducing its positions in Tesla and Volkswagen.