The fund's equity portfolio had a return of 12.5 per cent in the period from January to June, while its fixed income and real estate assets incurred losses of 0.6 per cent and 0.5 per cent, respectively.
"The result was mainly driven by the technology stocks due to increased demand for new solutions in artificial intelligence," CEO Nicolai Tangen said in a statement.
The $US1.7 trillion ($A2.6 trillion) fund's 1.28 per cent stake in Microsoft was the single most valuable holding, worth 453.8 billion crowns at the end of June followed by a stake in Apple valued at 390.8 billion crowns and NVIDIA at 377 billion crowns.
However, the fund's CEO warned uncertainty and a heightened level of risk to share markets meant the returns of recent years were unlikely to continue.
"When you look at how the fund has developed, it looks fine ... But this will not carry on this way," Tangen told a news conference on Wednesday.
"This is not how stock markets work in the long term.
"There is a lot of uncertainty in the world and we are in a completely different geopolitical situation.
"There are more risks to stocks markets now than there was before."
While the fund's overall return was 8.6 per cent in the first half of 2024, it slightly underperformed its own benchmark index.
The fund, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5 per cent of all listed stocks worldwide.
It also invests in bonds, real estate and renewable energy projects.
Its small portfolio of unlisted renewable energy infrastructure posted an 18 per cent loss in the first-half of 2024, it said.
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