Norway’s sovereign wealth fund, the world’s largest, reported a 10% return, or $143 billion, in the first half of 2023, recovering from one of its worst years ever.

The fund, which manages Norway’s oil and gas revenues, benefited from a rally in technology stocks after a weak 2022. The fund invested almost 14% of its $1.4 trillion portfolio in equities, which returned 14% in the six-month period. Fixed-income investments returned 2.3%, while unlisted real estate holdings lost 4.6%.

The fund faced a challenging investment environment in the first half of the year, as inflation and central bank policies to curb price pressures coincided with banking turmoil in the US and Europe.