Norges Bank Investment Management

克里斯·霍恩爵士：战略投资、长期价值与目标导向的慈善事业 在本期节目中，尼古拉·坦根与欧洲最成功的对冲基金之一——儿童投资基金管理公司创始人克里斯·霍恩爵士展开对话。讨论聚焦于投资中高准入门槛的关键重要性、长期思维的力量，以及直觉如何塑造投资决策。克里斯还分享了他投身慈善事业的历程，以及应对气候变化和改善全球儿童健康的坚定承诺。通过其管理资产超过65亿美元的基金会，克里斯每年捐出逾5亿美元以创造持久影响。 《与优秀企业同行》由挪威银行投资管理公司首席执行官尼古拉·坦根主持，每周三更新。 本播客是挪威银行投资管理公司旗下节目，聚焦我们的投资领域。我们以透明方式管理基金投资。通过本播客，您将深入了解基金所投资企业的内幕。 我们的首席执行官尼古拉·坦根与全球顶尖企业领袖进行深度对话，带您洞悉他们的领导哲学、企业战略，以及如何与我们这样的大型投资者合作。您还将更全面地了解我们作为企业所有者的角色。 更多播客内容请访问：https://www.nbim.no/en/publications/podcast/

Bill Ackman has become one of the best-known names in investing by doing something unusual: running a concentrated portfolio of very few companies, with a long-term view. Speaking with Nicolai Tangen, the founder and CEO of Pershing Square explains what makes a business truly great, how Warren Buffett’s example shaped his approach to long-term capital, and why he no longer has to break down doors as an activist. They discuss how AI is changing markets and why Bill is so active on social media, where he finds fresh ideas and hears views that differ from his own. Bill also opens up about the family tragedy that struck earlier this year, and what it has led him to focus on. Tune in for a conversation about big bets, open minds, and what matters most! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 Investment strategy basics 0:33 Defining great businesses 1:53 Concentrated portfolio logic 2:46 Long-term capital structures 3:52 Information and media habits 6:05 Pattern recognition and tools 7:24 Investment due diligence 9:04 Team structure and consensus 12:14 Brookfield case study 13:23 The role of AI in markets 15:08 AI impact on society 16:34 Evolution of activism 19:19 History of market activism 23:13 Shareholder rights and CEOs 25:07 The power of permanent capital 28:26 The Howard Hughes transformation 30:58 Insurance management strategy 32:34 Public presence and X usage 35:42 Truth and open debate 37:46 Harvard and campus discourse 43:51 Personal philosophy and habits 45:44 Capitalism and global order 49:27 Advice for young people

Eric Schmidt has watched the technology industry reinvent itself again and again, and he is convinced this wave is the biggest yet. The former CEO of Google, today one of the leading voices on AI, joins Nicolai Tangen for a conversation about agents, superintelligence and power. Where does this leave large companies? What happens to Europe? And what is Schmidt most worried about? Schmidt also speaks about failure, the myth of the founder, and why he can never switch off. Tune in! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 The state of AI 1:25 The scale of transformation 3:44 AI business integration 6:02 Efficiency and innovation 8:42 Defining AGI progress 11:21 Agentic business workflows 14:04 Productivity and tech gains 17:38 Challenges in Europe 21:43 Global security and risk 25:58 China and Western models 28:47 Europe's competitive future 32:13 Democracy and truth 35:38 Founders and leadership 37:25 Management in the AI age 41:54 The path forward

What actually makes two strangers match? Nicolai Tangen is joined by Spencer Rascoff, CEO of Match Group, the company behind Tinder, Hinge and a dozen other dating apps, for a conversation about how modern romance really works. They get into the algorithm doing the matchmaking, what separates a profile that works from one that doesn't, what Gen Z has changed about dating, and why loneliness has become such a big part of the story. Along the way, he shares what he's learned about building companies, and why Norway caught his attention. Tune in, this one's good fun! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 Introduction to Match Group 1:03 How dating algorithms work 2:53 Data and personalization 4:26 Tips for a successful profile 6:29 Societal trends in dating 8:59 Demographics and cultural shifts 10:41 Success rates and divorce 12:21 Changing modern dating culture 14:07 The loneliness epidemic 16:17 Business model and goals 18:26 Social events and geography 20:11 Double dating and social apps 22:21 Community specific platforms 23:57 The impact of AI on dating 26:15 The future of dating apps 28:10 Company turnaround and culture 30:51 Operational strategy 32:42 Leadership and innovation 34:20 Hiring and side projects 35:53 Personal life and history 37:34 Role models and communication 39:18 Personal background and upbringing 42:37 Advice for young professionals

Nobody has taught Nicolai as much about investing as John Armitage. First as his largest client, later as his boss for five years at Egerton Capital. For this episode the two meet in London, where John walks through his approach to investing: what makes a company worth the time, why pricing power matters more than almost anything, the red flags that make John sell, and how a position gets built slowly. John also talks about 30 years at the same firm, and why AI should help you think rather than think for you. In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 Introduction 1:05 Identifying a good company 2:58 Investment criteria and focus 5:53 Managing style and sectors 7:58 Worldview and professional background 11:01 Modeling and analysis 15:12 Analyzing P&L and balance sheets 18:10 Judging management quality 21:35 Information overload and valuation 23:46 Valuation methods and capital structure 26:30 Sourcing ideas and networking 29:10 The role of AI in investing 32:38 Achieving alpha and maintaining conviction 35:07 Navigating market volatility 37:33 Building and managing positions 41:31 Professional evolution and caution 43:48 Portfolio construction and AI exposure 46:28 Founding AKO Capital and personal life 49:00 Advice for the future and conclusion

Who makes the brain inside a self-driving car? Nicolai Tangen sits down with Dr. Kai Yu, founder and CEO of Horizon Robotics, the company supplying the chips and software behind one in three intelligent cars on Chinese roads. They discuss why he never wanted to build a car of his own, the competition in a market that launched 580 new models in six months, and the road to hands-off driving by 2028 and fully mind-off cars by 2035. Kai Yu also shares his Zen philosophy of focus and why he believes robots will hand freedom back to humans. Tune in! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 Introduction 1:03 What Horizon Robotics does 2:46 Competitive landscape 3:37 The vision for robotics 5:16 Career path and motivation 7:17 Why not build a car? 9:29 Chinese market dynamics 12:27 Barriers to entry 14:25 Autonomous driving stages 17:04 Technological breakthroughs 19:24 Company culture and work 22:05 Innovation and supply chains 24:39 Global collaboration mindset 29:11 Robotics and convergence 33:09 Future city life 37:20 Personal reflections and advice

如何了解全球数千家公司？ 在这段视频中，埃德·杨和巴勃罗·德卡斯特罗带您深入了解挪威银行投资管理公司的企业访问工作。该基金每年举行超过3000次公司会议。我们的内部企业访问团队将投资组合经理和分析师直接与公司管理层和董事会联系起来，工作地点设在奥斯陆、伦敦、新加坡和纽约的办公室。 大约40%的会议以路演形式进行，其中大部分在伦敦办公室举行。再加上前往总部、门店和工厂的实地考察，您将获得远超数字的洞察：一家公司如何运营、如何决策，以及其文化是什么样的。 挪威银行投资管理公司管理着挪威政府全球养老基金，这是全球最大的投资者之一，持有约9000家公司的股份，遍布70多个国家。

How are democracies adapting to the new technology? In this episode, Nicolai Tangen talks with Alexander Stubb, President of Finland, about defence, diplomacy and the shifting world order. They discuss why Finland kept its defences strong long before joining NATO, how the war in Ukraine might end, what AI is doing to democracies, and why Stubb believes the Global South will shape what comes next. He also reflects on failure, resilience, and what a successful life actually looks like. Tune in for an insightful conversation! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 Introduction to the guest 1:11 The changing world order 3:04 Western identity and power 4:29 The impact of AI and tech 6:25 AI regulation and governance 10:52 Values-based realism 14:41 Finland's happiness and future 17:34 Finnish political dynamics 20:53 Defense and NATO transition 25:03 Warfare and the conflict in Ukraine 29:57 The future of the European Union 35:54 Diplomacy with the United States 38:31 Personal diplomacy and relationships 40:06 Personal lessons and habits 46:31 Advice for young people

Nicolai Tangen sits down with Jon McNeill, CEO and Co-Founder of DVx Ventures and author of The Algorithm: The Hypergrowth Formula That Transformed Tesla, Lululemon, General Motors and SpaceX. Having spent three years as President of Tesla reporting directly to Elon Musk before serving as COO of Lyft, McNeill draws on that experience to lay out his five-step formula: question every requirement, delete unnecessary steps, simplify, accelerate, and automate last. They discuss Tesla's near-collapse during Model 3 production, its industry-beating profit margins, and how McNeill spots talent through curiosity. In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 The first principles approach 1:27 Question every requirement 5:58 Delete every unnecessary step 8:24 Simplify and optimize 10:32 Accelerate cycle time 15:51 Automate last 19:54 Drive innovation with ambition 24:29 Leadership and culture 30:54 Management insights

When will humanoid robots outnumber humans? Nicolai Tangen sits down with Brian Gu, Vice Chairman and Co-President of XPeng, who describes XPeng as a "physical AI" business rather than just a carmaker. They discuss XPeng's ventures into flying cars and humanoid robots, both built on the same core technology as its vehicles, and a Chinese EV market where new-energy cars now outsell combustion ones. Brian also reflects on his path from a chemistry PhD alongside a future Nobel laureate to a career in tech. With Norway as its flagship European market, XPeng's ambitions keep growing. Tune in! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 Introduction to Xpeng 1:10 Defining the core 2:43 Intelligent driving 5:33 Batteries and range 8:10 The Chinese EV market 9:51 Competitive landscape 11:50 China's lead in innovation 13:58 Global expansion strategy 18:02 Explaining Chinese speed 21:05 Future of flying cars 24:48 Humanoid robot development 27:43 Robotics competitive landscape 32:30 Robotic supply chains 35:27 Chip technology and access 37:19 Language models comparison 38:30 Cities of the future 41:59 Leadership and philosophy 45:02 Personal reflection

What does farming look like when the tractor drives itself? Nicolai Tangen sits down with John May, CEO of John Deere, to explore how a 190-year-old tractor maker became one of the most advanced technology companies in agriculture. They discuss AI-powered computer vision that cut herbicide use by 60%, the shift toward subscription-based farming technology, and John Deere's ambition to make US corn production fully autonomous by 2030. May also opens up about navigating a tough farm-income cycle, rebuilding trust after the "right to repair" dispute, and his leadership philosophy of putting the customer first, shaped by his own rural upbringing in Maine. Tune in for an insightful conversation! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 The human side of farming 0:35 John Deere's strategic shift 1:25 Smart industrial strategy 2:38 Innovation in crop management 3:53 Evolving the business model 5:19 AI for precision farming 7:16 The autonomous future 9:13 Redefining the farmer's role 10:55 Advanced machinery capabilities 12:12 Market volatility and cycles 14:14 Navigating market bottoms 15:36 Trust and repairability 16:57 Data-driven agriculture 19:28 Ecosystem and integrations 20:46 Global adoption of technology 22:00 Competitive landscape 23:02 Climate and sustainability 24:55 Corporate culture and legacy 26:54 Internal structural changes 28:30 Balancing organizational scale 30:07 Leadership reflections 31:37 Personal roots and career 33:35 Work-life and future advice

What does it take to build one of the world's most successful hedge funds, and keep innovating for nearly 30 years? Nicolai Tangen sits down with Sir Paul Marshall, co-founder of Marshall Wace, to unpack the firm's journey from a $50 million startup in 1997 to a firm managing $90 billion today. They dig into TOPS, the pioneering AlphaCapture system that reshaped how buy-side and sell-side interact, the "man plus machine beats a machine" philosophy that shapes how Marshall Wace blends human judgment with AI, and why disagreeableness and agency now matter more than a fancy degree. Paul also opens up on his Christian faith, his education charity ARK, and his ventures into media through UnHerd, GB News, and The Spectator. Tune in for an insightful conversation! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 Introduction to Paul Marshall 1:30 Philosophy of Marshall Wace 3:08 Investment discipline and risk 5:50 Founding the fund 8:07 Early years and Soros 10:31 Navigating market crises 13:39 Partnership with KKR 16:00 The TOPS system 19:48 AI and future innovation 22:46 Markets and human edge 26:31 The human plus machine model 30:53 AI market bubbles 35:48 Long-term market outlook 39:05 Investment strategy principles 42:31 Learning from failure 48:03 Hiring and training talent 52:21 Traits vs. skills 55:53 Philanthropy and education 59:03 Media ventures and views 1:04:06 Brexit and global perspective 1:07:40 Personal legacy and advice

Nicolai Tangen sits down with Rasmus Errboe, CEO of Ørsted, the world's largest offshore wind company, to discuss the company's evolution from a Danish oil and gas business into a pure-play renewables leader. They talk through the US government's stop-work order on an 80%-built project, the lawsuit that followed, and the record €8 billion capital raise that supported Ørsted's turnaround plan. The conversation also covers what has driven offshore wind costs up and down over the past decade, and how Errboe has approached leadership during a demanding period. He also reflects on a personal decision from earlier in his life that he later came to see differently. Tune in! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/ 0:00 The unexpected crisis 0:58 Transformation to green 2:57 Market dynamics and strategy 5:17 The strategic pivot 7:13 Industry headwinds 9:54 The US project fallout 12:47 Accountability and risk 15:40 Investor relations 18:24 Geopolitics and energy 23:15 The future energy system 26:12 Maintaining leadership 28:32 Strategic focus and floating 31:07 China and supply chains 35:38 Ownership and turnaround 37:12 Leadership in a crisis 41:32 Personal reflections

挪威主权财富基金可能消失吗？ 在今年的阿伦达尔周金融演讲中，挪威主权财富基金首席执行官尼古拉·坦根提出了一个很少有人愿意思考的问题：我们的财富真的可能损失殆尽吗？ 2026年既是挪威“全面防御年”，也是挪威主权财富基金成立30周年。1996年5月30日，第一笔资金被存入。此后，该基金从区区20亿克朗增长到超过22万亿克朗，如今覆盖了国家预算的四分之一。 但坦根提醒说，历史上没有哪笔巨额财富能毫发无损地留存下来。从1886年阿伦达尔本地的银行倒闭，到西班牙和英国作为金融强国的衰落，再到阿根廷的反复危机和荷兰的“荷兰病”，历史充满了警示。 他还将当前形势与20世纪20年代和大萧条相类比，质疑今天的人工智能热潮、贸易战和高企的市场估值是否会以同样的方式收场。一个思想实验展示了股票价值下跌80%对挪威经济的实际影响，以及为什么心理准备与地下室里的罐头食品同样重要。 该演讲由挪威银行投资管理公司首席执行官尼古拉·坦根在2026年阿伦达尔周上发表。 English below: Could the fund disappear? In this year's finance speech at Arendalsuka, NBIM CEO Nicolai Tangen asks the question few like to think about: could our wealth actually be lost? 2026 marks both Norway's Total Defence Year and the 30th anniversary of the Government Pension Fund Global. The first money was deposited on 30 May 1996. Since then, the fund has grown from a modest 2 billion kroner to more than 22,000 billion kroner, and today covers a quarter of the state budget. But Tangen points out that no great fortune has survived history unscathed. From Arendal's own bank collapse in 1886, through Spain and Britain's fall as financial powers, to Argentina's repeated crises and the Netherlands' "Dutch disease," history is full of warnings. He also draws parallels to the 1920s and the Great Depression, asking whether today's AI boom, trade war, and high market valuations could end the same way. A thought experiment shows what an 80 percent drop in equity values would actually mean for the Norwegian economy, and why mental preparedness matters just as much as canned food in the basement. The speech was given by Nicolai Tangen, CEO of Norges Bank Investment Management, at Arendalsuka 2026.

1996年，第一批克朗进入了石油基金。近三十年后，该基金已成为全球最大的主权投资基金，是社会的储蓄罐，为当代和未来世代管理。 我们通过一小时的旅程来纪念30周年，回顾基金的历史、现在和未来。这一切是如何开始的？如今谁在管理社会的储蓄？人工智能和新技术将如何塑造未来的管理？ 起点 特邀嘉宾Knut Kjær，基金的首任负责人，谈论早期岁月、广泛的政治共识以及挪威跨代储蓄的理念。 基金中的人们 Emily Nathan、Simran Sahajpal和Anders Bennæs带我们了解如今是谁在管理基金。 未来之路 Nicolai Tangen谈论迄今为止的旅程、改变管理的技术，以及他计划如何领导基金前进。 对话由Cecilie Langum Becker主持，她曾是NRK的经济评论员。 英文如下： 1996年，第一批克朗存入政府养老基金全球。近三十年后，该基金是全球最大的主权投资基金——国家的储蓄，为当代和未来世代管理。 我们通过一小时的旅程来纪念30周年，回顾基金的过去、现在和未来。这一切是如何开始的？如今谁在管理国家的储蓄？人工智能和新技术将如何塑造未来的管理？ 起点 特邀嘉宾Knut Kjær，基金的首任首席执行官，讨论早期岁月、广泛的政治共识以及挪威跨代储蓄的理念。 基金背后的人们 Emily Nathan、Simran Sahajpal和Anders Bennæs带我们了解如今是谁在管理基金。 未来之路 Nicolai Tangen谈论迄今为止的旅程、重塑资产管理的技术，以及他计划如何领导基金前进。 对话由Cecilie Langum Becker主持，她曾是NRK的经济评论员。

Oljefondet fikk en avkastning på 9,4 prosent i første halvår 2026, den høyeste kroneavkastningen i et halvår noensinne, på 1 753 milliarder kroner. Aksjeinvesteringene ga 13,0 prosent avkastning, drevet særlig av asiatiske teknologiaksjer. Renteinvesteringene endte på 0,9 prosent, unotert eiendom på 3,0 prosent, mens unotert infrastruktur for fornybar energi falt 0,2 prosent. En sterkere kronekurs trakk fondets verdi ned med 427 milliarder kroner, men tilførsel av 89 milliarder kroner og god avkastning gjorde at fondet likevel økte med 1 416 milliarder kroner i første halvår. Ved utgangen av juni var fondet verdt 22 683 milliarder kroner, fordelt på 72,1 prosent aksjer, 25,8 prosent rentepapirer, 1,6 prosent unotert eiendom og 0,5 prosent unotert infrastruktur. English below: The fund returned 9.4 percent in the first half of 2026, the highest half-year krone return on record, at 1,753 billion kroner. Equity investments returned 13.0 percent, driven in particular by Asian technology stocks. Fixed income returned 0.9 percent, unlisted real estate 3.0 percent, while unlisted renewable energy infrastructure fell 0.2 percent. A stronger krone reduced the fund's value by 427 billion kroner, but inflows of 89 billion kroner combined with strong returns still pushed the fund's value up by 1,416 billion kroner for the half. At the end of June, the fund was worth 22,683 billion kroner, split between 72.1 percent equities, 25.8 percent fixed income, 1.6 percent unlisted real estate, and 0.5 percent unlisted infrastructure. Watch the press conference on the results for the first half of 2026, with NBIM CEO Nicolai Tangen.

What does it take to thrive as a quiet person in a world that rewards the loudest voice? Nicolai Tangen sits down with Susan Cain, author of the bestsellers "Quiet" and "Bittersweet", whose work gave millions of introverts a voice. They explore why authenticity will be the great advantage in the age of AI, what defines the "highly sensitive" 15 to 20 percent of the population, and how our culture shifted from valuing character to valuing personality. Susan explains why introverted leaders often deliver stronger results, the hidden cost of "toxic positivity", and how she calibrates her own days to avoid burnout. She also reflects on the bittersweet outlook, the joy found in sorrow, and her advice on how young people can rediscover who they really are. In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/

我们距离永生到底有多近？长寿已成为当今世界最受关注的话题之一——巨额投资涌入，关于延寿方法的观点层出不穷。为拨开科学迷雾与炒作泡沫，尼科莱·唐根对话文基·拉马克里希南爵士——诺贝尔化学奖得主、英国皇家学会前会长、《我们为何死去》作者。两人共同剖析：衰老的本质究竟是什么，为何人类最大寿命几乎未曾改变，细胞重编程的潜力与局限，以及长寿社会引发的伦理问题。文基还分享了最重要的简单习惯：睡眠、节制与运动。聆听这场关于生、死以及其间万物的清醒对话！ ----- 文基·拉马克里希南：长寿的科学与炒作 我们距离永生到底有多近？长寿已成为当今世界最热门的话题之一，吸引了巨额投资和无尽争论。为区分科学与炒作，尼科莱·唐根对话文基·拉马克里希南爵士——诺贝尔化学奖得主、英国皇家学会前会长、《我们为何死去》作者。他们深入探讨：衰老的本质、人类最大寿命为何几乎停滞、细胞重编程的前景与局限，以及长寿社会的伦理问题。文基还分享了最重要的简单习惯：睡眠、节制与运动。快来收听这场关于生与死的清醒对话吧！

我们离永生到底有多近？长寿已成为全球最热门的话题之一，吸引了巨额投资和无数关于如何延长寿命的观点。为了区分科学与炒作，Nicolai Tangen 邀请了诺贝尔化学奖得主、英国皇家学会前主席、《我们为何而死》作者 Venki Ramakrishnan 爵士。他们探讨了衰老的本质、人类最长寿命为何几乎未变、细胞重编程的前景与局限，以及长寿社会的伦理问题。Venki 还分享了最重要的简单习惯：睡眠、适度运动和锻炼。欢迎收听这场关于生、死及一切相关话题的清晰对话！ 《In Good Company》由挪威银行投资管理公司首席执行官 Nicolai Tangen 主持。每周三更新新一集。 播客《In Good Company》是挪威银行投资管理公司的一部分，是一档关于我们投资的播客。我们透明地展示基金的投资方式。在本播客中，您将深入了解基金所投资的公司。 我们的首席执行官 Nicolai Tangen 会与一些全球最大公司的领导者进行深度访谈。您将了解他们的领导原则、公司战略以及他们如何与我们这样的大型投资者打交道。您还将了解我们作为公司所有者的角色。 您可以在 https://www.nbim.no/en/publications/podcast/ 上了解更多关于该播客的信息。

本期《In Good Company》现场录制节目邀请到Eliot Higgins，他是Bellingcat的创始人，也是全球领先的开源调查组织的缔造者——一位自学成才的大学辍学生，从自家厨房的桌子旁开始追踪叙利亚战争。他与Nicolai Tangen一起，详细讲述了团队如何仅凭公开数据揭露纳瓦尔尼的中毒者身份，并追踪MH17航班被击落事件。Eliot解释了他工作的核心准则：永远不要预判情况，先跟随证据再形成观点，并防范自身的偏见。对话还探讨了为何在真相与谎言较量时速度至关重要，AI如何赋予人们“否认现实的许可”，以及虚假信息对民主意味着什么。敬请收听这场引人入胜的对话！ 《In Good Company》由挪威银行投资管理公司首席执行官Nicolai Tangen主持。每周三更新新集。 播客《In Good Company》是挪威银行投资管理公司的一部分，这是一个关于我们投资的播客。我们对基金的投资方式保持透明。在本播客中，您将深入了解基金投资的公司。 我们的首席执行官Nicolai Tangen与一些全球最大公司的领导人进行深度访谈。您将深入了解他们的领导原则、公司战略以及他们如何应对像我们这样的大型投资者。您还将了解更多我们作为公司所有者的角色。 您可以在 https://www.nbim.no/en/publications/podcast/ 上了解更多关于该播客的信息。

加拿大养老基金已成为全球机构投资的典范，而约翰·格雷厄姆管理着其中规模最大的基金。Nicolai Tangen邀请CPP Investments首席执行官进行对话，该基金管理着2200万加拿大人的8000亿美元资产，话题涵盖战略和领导力。他们探讨了广受赞誉的“加拿大模式”及其模仿者的失误之处，为何格雷厄姆将多元化称为“谦逊之举”，以及CPP如何权衡私募市场、美国和中国。格雷厄姆在成为投资者前是一位科学家，他反思了如何在新冠疫情期间领导团队、人工智能在投资决策中的不确定作用，以及他坚信投资是“量化的艺术”而非科学的观点。 《在优秀公司中》由挪威银行投资管理公司首席执行官Nicolai Tangen主持。每周三更新。 播客《在优秀公司中》是挪威银行投资管理公司的一部分，一个关于我们投资的播客。我们透明地展示基金的投资方式。在本播客中，您将更深入地了解基金投资的公司。 我们的首席执行官Nicolai Tangen会与一些全球最大公司的领导人进行深度访谈。您将了解他们的领导原则、公司战略以及他们如何应对像我们这样的大型投资者。您还将了解到我们作为公司所有者的角色。 您可以在https://www.nbim.no/en/publications/podcast/上了解更多关于该播客的信息。

尼古拉·坦根（Nicolai Tangen）与Fortescue董事长兼首席执行官安德鲁·福雷斯特（Andrew Forrest）对谈，探讨现代商业中最非凡的故事之一。从在长达60年的双头垄断中白手起家打造一家矿业巨头，到承诺到2030年让整个公司实现零化石燃料运营且不使用任何碳抵消，福雷斯特从不畏惧宏大构想。他们讨论了他“疯狂而勇敢的A计划”哲学、人工智能在智能电网运行中的作用，以及他与世界上一些最有权势的人在气候政策上的分歧。安德鲁还敞开心扉，谈及那场改变他优先事项的事故、他应对现代奴隶制和海洋保护的慈善使命，以及指引他生活的简单箴言：做个有用的人，并乐在其中。 《In Good Company》由挪威银行投资管理公司（Norges Bank Investment Management）首席执行官尼古拉·坦根主持。每周三更新新一期。 播客《In Good Company》是挪威银行投资管理公司旗下节目，是一档关于我们投资的播客。我们透明地展示基金的投资方式。在本节目中，您将深入了解基金所投资的企业。 我们的首席执行官尼古拉·坦根会深度采访一些全球最大公司的领导者。您将深入了解他们的领导原则、公司战略，以及他们如何与我们这样的大型投资者打交道。您还将进一步了解我们作为公司所有者的角色。 您可以在 https://www.nbim.no/en/publications/podcast/ 了解更多关于本播客的信息。

如果极端天气引发全球粮食冲击，基金将会发生什么？ 在我们最新的压力测试中，我们估计这可能导致基金价值缩水约20%——大约4200亿美元。 以下是情景的展开方式。极端天气同时袭击两个主要粮食产区，导致农作物歉收。全球粮食价格飙升，供应链中断拖累经济增长，同时推高通胀。更高的通胀传导至更高的收益率，从而对债券造成压力——固定收益投资组合预计下跌10%。增长放缓和收益率上升进而打击股票和股息，股票投资组合预计下跌24%。在基金层面合计，损失约为20%，即约4200亿美元（约42500亿挪威克朗）。 要构建这样的情景，我们首先研究具有类似特征的过去事件，然后参考那些模拟此类冲击如何影响关键经济变量的研究。我们将这些冲击应用于当前投资的基金。 这些情景完全是假设性的——并且比现实世界简单得多，现实中冲击很少孤立发生。目的不是预测未来，而是理解不同风险之间的关联，并为可能发生的严重但合理的事件做好准备。 这是我们2025年压力测试中的四个情景之一，其他三个分别是AI修正、分裂的世界和区域债务危机。我们每年发布这些分析。 我们管理基金是为了保障并为挪威当前和未来世代积累金融财富——这意味着要为困难时期做规划，而不仅仅是好年景。 📄 阅读完整的压力测试报告：https://www.nbim.no/contentassets/c7d3b015300d48a1ac0136f069b9bed7/gpfg_stresstesting-2025.pdf 🌍 了解更多关于基金的信息：https://www.nbim.no — Norges Bank Investment Management代表挪威人民管理政府养老金全球基金。在LinkedIn、Instagram和YouTube上关注我们。 #oljefondet #NBIM #stresstest

没有水泥，现代世界会是什么样子？尼古拉·坦根与Holcim首席执行官米利扬·古托维奇坐下来，探讨全球建筑材料行业正在发生的变革。他们讨论了欧洲近1000万套住房的短缺及其对建筑行业的影响，Holcim如何将可持续性转化为竞争优势，剥离北美业务背后的逻辑，以及拉丁美洲蓬勃发展的机遇。古托维奇还分享了他的三条领导法则：控制可控因素、对抗自满情绪、不断对标。敬请收听这场富有洞见的对话！ 《In Good Company》由挪威银行投资管理公司首席执行官尼古拉·坦根主持。每周三更新一期。 播客《In Good Company》是挪威银行投资管理公司的一部分，是一档关于我们投资的播客。我们透明地展示基金的投资方式。在这档播客中，您将深入了解基金所投资的公司。 我们的首席执行官尼古拉·坦根与一些全球最大公司的领导者进行深度访谈。您将了解他们的领导原则、公司战略以及他们如何与我们这样的大型投资者打交道。您还将更多地了解我们作为公司所有者的角色。 您可以在 https://www.nbim.no/en/publications/podcast/ 上了解更多关于该播客的信息。

尼科莱·坦根与Snowflake首席执行官斯里达尔·拉马斯瓦米对话。Snowflake是一个数据平台，为全球一半的顶尖企业提供支持。在这次对话中，他们探讨了数据和AI领域的真实动态。 两人深入探讨了以下内容：Snowflake仅按用量收费（基于消费的定价模式），这使其与传统的软件公司截然不同。斯里达尔现在认为，AI模型公司是科技行业最大的竞争威胁——比任何其他公司都大。而AI智能体正在改变一切——从数据管道到软件工程。 斯里达尔还谈到了他的公司Neva——从创立到失败，以及他从中汲取的教训。同时，他分享了那些将他从泰米尔纳德邦带到科技行业顶峰的价值观：勤奋、适应力强和永不放弃。 一定不要错过这场精彩的对话！ —— Snowflake CEO：AI智能体将如何改变工作方式 尼科莱·坦根采访了Snowflake首席执行官斯里达尔·拉马斯瓦米。Snowflake是一个数据平台，为全球一半的最大公司提供支持。他们深入探讨了Snowflake基于消费的定价模式如何使其与传统软件模式区分开来，为什么斯里达尔现在认为AI模型公司比科技行业中的任何其他公司都更具竞争威胁，以及AI智能体如何从数据管道到软件工程本身改变一切。斯里达尔还反思了创立Neva并失败的经历，并分享了塑造他从泰米尔纳德邦到科技行业顶峰的价值观：勤奋、适应力和韧性。敬请收听这场富有洞察力的对话！

第一笔资金于1996年5月30日存入，此后该基金从20亿克朗增长至整整21万亿克朗。该基金是挪威的集体储蓄，旨在造福当代和子孙后代。每年，国家预算的四分之一由该基金的资金覆盖。 与此同时，分析显示，未来几年挪威经济将面临更大挑战。早在2029年，医疗、护理、养老金和国防等领域的支出增长速度就将超过收入。 在本视频中，您将看到财政部长Jens Stoltenberg、基金CEO Nicolai Tangen以及来自NRK的Erlend Mørch就基金以及挪威年轻人将继承怎样的经济展开辩论。Norges Bank Investment Management和财政部在Oslo Event Hub汇聚了学生和教师，以进一步了解该基金，并讨论当今日17岁和18岁的年轻人步入成年生活时，挪威经济将呈现何种面貌。 —————————————————————————————————— Oljefondet迎来30周年。1996年5月30日，第一笔资金存入该基金。此后，基金从20亿克朗增长至整整21万亿克朗。该基金是整个挪威的储蓄罐，旨在造福当代和子孙后代。每年，国家预算的四分之一由该基金的资金覆盖。 与此同时，分析显示，未来几年挪威经济将更加艰难。早在2029年，医疗、护理、养老金和国防等领域的支出增长速度就将超过收入。 在本视频中，您将看到财政部长Jens Stoltenberg、石油基金CEO Nicolai Tangen以及来自NRK的Erlend Mørch就Oljefondet以及挪威年轻人未来将继承怎样的经济展开辩论。Norges Bank Investment Management和财政部在Oslo Event Hub汇聚了学生和教师，以进一步了解该基金，并讨论当今日17岁和18岁的年轻人步入成年生活时，挪威经济将呈现何种面貌。

Nicolai Tangen sits down with Sridhar Ramaswamy, CEO of Snowflake, the data platform powering half the world's largest companies, to explore what's really happening at the frontier of data and AI. They dig into how Snowflake's consumption-based pricing sets it apart from traditional software models, why Sridhar now considers AI model companies a bigger competitive threat than anyone else in tech, and how AI agents are transforming everything from data pipelines to software engineering itself. Sridhar also reflects on the lessons learned from founding and failing with Neva, and shares the values of hard work, adaptability, and resilience that have shaped him from Tamil Nadu to the top of the tech industry. Tune in for an insightful conversation! In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday. The podcast In Good Company is part of Norges Bank Investment Management, a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you get a deeper insight into the companies the fund is invested in. Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies. You can read more about the podcast on https://www.nbim.no/en/publications/podcast/

如果有人能讲述挪威如何建立全球最大主权财富基金的故事，那一定是延斯·斯托尔滕贝格。在该基金成立30周年之际，尼古拉·坦根与挪威财政部长、前北约秘书长一同追溯了将石油收入转化为2万亿美元国家储蓄的关键决策。他们探讨了为何英国和挪威在石油产量相近的情况下发展路径截然不同、支出规则背后的考量，以及当财富看似有保障时自满情绪的风险。斯托尔滕贝格还解释了他暂停伦理委员会运作的理由、排除挪威自身采购的国防公司这一悖论，以及他认为未来30年对基金最重要的因素。敬请收听！ 《与优秀同行》由挪威银行投资管理公司首席执行官尼古拉·坦根主持。每周三更新一期。 播客《与优秀同行》是挪威银行投资管理公司旗下节目，专注于我们的投资。我们透明公开地展示基金的投资方式。在本播客中，您将深入了解基金所投资的企业。 我们的首席执行官尼古拉·坦根会与全球一些最大公司的领导者进行深度访谈。您将了解他们的领导原则、公司战略，以及他们如何应对像我们这样的大型投资者。您还将更深入地了解我们作为公司所有者的角色。 您可以在 https://www.nbim.no/en/publications/podcast/ 上了解更多关于本播客的信息。 0:00 开场 – 尼古拉会见挪威财政部长延斯·斯托尔滕贝格 0:50 挪威和英国如何以不同方式管理石油收入 6:10 挪威病：过度依赖石油？ 10:42 审视基金的道德准则 11:46 投资国防公司 16:20 科技巨头占基金25%——这是风险吗？ 20:33 地缘政治、贸易壁垒及其对基金的影响 23:40 挪威是否充分利用了人工智能？ 26:40 未来30年最重要的经验教训 27:14 给基金管理者的建议

What might happen to the fund's value in a regional debt crisis? Our 2025 stress test finds the fund could drop 32% in value — that's around 700 billion dollars. In this video, you learn more from Strategy Researchers Owen Yang and Andrea Nocera, based in our London office. A regional loss of confidence in government bonds drives up political uncertainty and long-term yields, with the shock rippling through global markets. We manage the fund with the aim of the highest possible return at moderate risk. To achieve this, we need to identify, measure and manage the risks the fund faces. We use multiple approaches: 📊 Risk metrics (tracking error and expected shortfall) 📊 Stress testing 📊 Concentration analysis 📊 Factor exposure The stress test is a collaborative effort from our Strategy Research team and our risk department, with input from our internal investment professionals. The full report is available here: https://www.nbim.no/contentassets/c7d3b015300d48a1ac0136f069b9bed7/gpfg_stresstesting-2025.pdf #oljefondet

在本期节目中，尼克莱·坦根与Snap（Snapchat背后的公司）联合创始人兼CEO埃文·斯皮格尔对话。埃文回顾了如何将Snapchat从一个斯坦福宿舍的点子，打造成一个全球近十亿人使用的平台。他们讨论了埃文为何拒绝了马克·扎克伯格30亿美元的收购要约，Snap在增强现实眼镜上的大胆押注，以及人工智能如何从内部改变软件开发。埃文还分享了他的领导哲学——围绕善良、创造力和长远思考。不要错过与这位硅谷最不拘一格的建造者的对话。 《In Good Company》由挪威银行投资管理公司CEO尼克莱·坦根主持。每周三更新新集。 播客《In Good Company》是挪威银行投资管理公司的一部分，是一个关于我们投资的播客。我们透明地展示基金的投资方式。在这个播客中，您将深入了解基金所投资的公司。 我们的CEO尼克莱·坦根与一些全球最大公司的领导者进行深度访谈。您将了解他们的领导原则、公司战略以及他们如何与我们这样的大型投资者打交道。您还将了解更多我们作为公司所有者的角色。 您可以在 https://www.nbim.no/en/publications/podcast/ 上阅读更多关于播客的信息。 0:00 开场 – 尼克莱与Snap联合创始人兼CEO埃文·斯皮格尔会面 1:34 从零开始打造Snap 2:48 为什么是阅后即焚——以及拒绝扎克伯格的收购要约 4:33 建立创造与创新的文化 8:57 最大的赌注：增强现实眼镜 9:59 为什么Snap会在其他人挣扎的AR领域成功 13:13 硬件、软件以及什么在拖慢AR的发展 14:12 不可妥协的文化价值观 17:30 2022年的重组及其对文化的影响 22:07 埃文作为领导者的变化——以及AI如何改变Snap