The Norwegians bought Orlen, reduced the position on CD Projekt. The value of investments in Poland is the largest in history
The semi -annual report showed that the Norwegian property superfund ended the first half of the year, posting over $ 68 billion in profit. The managers also reported that they limit investments in companies from Israel, which constituted a quarter percent of their shares portfolio. Still more than companies from Poland, where they bought, among others Papers of Orlen, developers, Allegro, and they sold, for example, CD Projekt.
In the second quarter of 2025, the Norwegian largest state -owned property fund of the world showed a positive rate of return of 6.42 percent. – results from a semi -annual report published on August 12. Thus, the investment portfolio reflected after the weaker and quarter, in which it posted 0.6 percent. losses.
In the first half of 2025, the Fund generated a total return rate of 5.7 percent, which was 0.05 percentage point lower than the reference rate of the reference index set by the Ministry of Finance of Norway. The value of assets at the end of June was 19.586 trillion of crowns (approx. $ 1.92 trillion), but was lower by 156 billion crowns than at the end of 2024.
It is worth recalling that the value of the fund has also changed due to other factors, including payments from the government, which in the first half of 156 billion crowns, but also due to the impact of changes in exchange rates. Dollar depreciation and strengthening of the Crown had a negative impact on the value of assets valued at 1.01 trillion of crowns.
The Norwegian State Property Fund is one of the largest investors in the world, having about 1.5 percent. all listed shares from global stock exchanges. He also invests in bonds, real estate and assets of renewable energy infrastructure. As of June 30, 2025, 70.6 percent The fund's assets were invested in shares, 27.1 percent In instruments with a constant income, 1.9 percent in unlisted real estate and 0.4 percent in unlisted renewable energy infrastructure.
As reported, the return on investment in shares was 8.45 percent in the second quarter, while the return on investment in bonds was 1.67 percent. Investments in real estate, unpappered on the stock exchange, brought a refund of 1.59 percent in the reported period, and investments in renewable energy infrastructure amounted to as much as 8.1 percent.
Strong reflection on the stock markets after the sales and quarter, caused by the change of US customs policy, meant that in the entire six months the return on investment in the fund's shares was 6.7 percent, from investments with a constant income of 3.3 percent, and investments in real estate unknown on the stock exchange 4 percent. The refund from the renewable energy infrastructure that was not connected on the stock exchange amounted to 9.4 percent.
“This result was influenced by good results in the stock market, especially in the financial sector,” said in a statement the president of the Fund Nicolai Tangen.
The fund limits investments in Israel
The President of the Fund also had to extinguish the fire that broke out after the information of the Norwegian media from early August, that for the funds from gas and oil extraction, the fund bought shares at Bet Shemesh Engines Holdings, serving Israeli combat aircraft. The government in Oslo, for months criticizing the Israeli authorities for the situation in the Gaza Strip, announced immediate control of the investment.
On Monday afternoon, August 11, the Minister of Finance Jens Stoltenberg (former Secretary of NATO General) and the Fund authorities announced the sale of shares in 11 companies from Israel, which did not include the reference index prepared by the Ministry of Finance. The fund announced the termination of contracts with assets managing in Israel, transferring all operations to the fund's internal companies.
The ethical dimension of investments in Israel resounds once again. In December last year, we informed you about the exclusion by the Fund Management Board after the recommendation of the Ethics Council, several companies, including without Israel, which could contribute to serious violations of “human rights” during the war, about which more in the article “Red card from Megafundus from Norway. The company from Israel and steel giant excluded”.
According to data as at June 30, 2025, the fund had its assets in 61 companies from Israel (before selling shares 11 of them). They were responsible for 0.24 percent of the entire share portfolio, covering 8374 companies from 62 countries of the world. Most, as much as 53.95 percent The value of the portfolio of the Fund was invested in US companies. The shares of companies from the Polish stock exchange accounted for 0.19 percent.
Changes in the portfolio of companies with the WSE
At the end of June, it was a total of 86 companies from Poland, whose shares were worth on the balance sheet day of 20.5 billion of crowns (about $ 2 billion). The most valuable package of Allegro shares was valued at $ 214.56 million. There was a package of Dino ($ 190.6 million), LPP ($ 184.06 million) and Benefit System ($ 148.97 million). The top ten was complemented by Żabka shares ($ 138.87 million), CCC ($ 123.20 million), XTB ($ 98.63 million) Orange ($ 97.91 million) and Pekao ($ 89.15 million) and PZU ($ 84.67 million).
More important than the nominal approach, however, is a change in percentage of commitment over the first half of the year. In this comparison, new products are immediately striking, to which Żabka's actions belonged in the first half of the year, which at the end of June already constituted 2.32 percent. in the shareholding. In addition, 4.95 percent were bought Diagnostics actions. Vercom (1.29 percent) and Unimot (1.86 percent) also appeared.
In relation to the end of 2024, the list of positions at the end of June 2025 lacked Ailleron shares, which meant sales in the first half -year package of 2.57 percent, shares. Smaller items (up to 0.2 percent in the shareholding) in AmRest, BNP Paribas, Boryszew, Eurocash and Wawel were also liquidated.
In turn, looking at changes in existing positions, we see a slightly increased involvement in Orlen, to 0.08 percent. in the shareholding. This double position for six months. It took place when the fund withdrew the shares of the company's warnings of the fund and bull market at the shares of the multienergetic giant. The position at the end of June was worth $ 20.7 million. Let us remind you that in 2024 the Norwegians reduced their commitment. A year ago, at the end of June, the share of 0.19 percent. shares, while at the end of December it was only 0.04 percent.
In turn, when it comes to the biggest changes in increasing position, apart from new products, they concern Synektik's (+2.74 p.pr.) Action, Benefit System (+2.59 p.pr.) And two stock exchange developers: Murapol (2.4 ppcent) and Atal (1,73 pp. Behind them we have purchased XTB shares (1,19 ppcent) and CCC (1.08 ppcent). In other cases, the changes did not exceed one percentage point in the shareholding. Allegro (0.98 p.pr.) And XTPL (0.91 ppcent) were near this threshold.
In the context of the biggest reductions, apart from Ailleron, the significant change in the position on CD Projekt (-1.3 p.pr.) Deserves attention. In addition, 1.26 ppcent The Selvity Action Package was reduced by 1.09 ppcent TEXT shares (former LiveChat), AO 0.55 p.pcent at Captor Therapeutics. Sales below half a percentage point also concerned the shares of Kruk, Playway, Hipromine, PZU, Alior, Pekao, PKO, Pure Biologics, Dino, Brainscan, PCC Rokita, mbank, Neuki and Medinice. No changes were recorded on 37 companies.
The most in investments in Poland weighed the shares of WSE companies with the aforementioned value of 20.505 billion crowns (approx. $ 2 billion). Which is a clear increase in relation to 13.96 billion crowns at the end of 2024. It significantly contributed to this bull market on the WSE, which raised WIG20 in the first half of the year by nearly 30 percent. The involvement in Polish bonds, whose value amounted to 10.21 billion crowns against 8.02 billion crowns at the end of 2024, real estate in Poland was clearly valued at 2.2 billion crowns, as in December 2024. The total value of assets in Poland increased by 36.4 percent for half a year. up to 32.96 billion crowns (about $ 3.2 billion) and was the highest in history.
