Norway Sovereign Wealth Fund Reshuffles Taiwan Holdings: MediaTek Overtakes Hon Hai, Yageo Surges 13 Spots Into Top Five
The world's largest sovereign wealth fund, Norway's Government Pension Fund Global, has disclosed its latest Taiwan equity holdings, revealing an unusually dramatic reshuffle among its top ten positions. MediaTek (2454.TW) saw its holding value surge nearly threefold, leapfrogging Hon Hai (2317.TW) to become the fund's second-largest Taiwan holding. Passive component giant Yageo (2327.TW) vaulted 13 places from 18th to break into the top five. Overall Taiwan equity holdings grew more than 50% in six months, breaching the $60 billion mark.
Norges Bank Investment Management (NBIM), which manages the Norwegian sovereign wealth fund, published its global holdings data as of end-June on the 11th. The data shows the fund held 333 Taiwan-listed stocks, down six from 339 at the end of last year. However, the actual portfolio turnover was far greater than the headline number suggests — 14 new positions were added while 20 were removed, indicating that NBIM is actively pruning and reallocating across Taiwan's equity market.
The total market value of the fund's Taiwan holdings surged 50.7% to $61.914 billion (approximately NT$2 trillion) from $40.314 billion (approximately NT$1.3 trillion) at the end of last year. The fund's overall assets also grew about 7% over the same period, reaching $2.29 trillion (approximately NT$73.7 trillion).
Top Ten Holdings See Sweeping Changes
TSMC (2330.TW) retained its crown as the fund's largest Taiwan holding, with its market value rising 47.8% to $33.525 billion (approximately NT$1.1 trillion) from $22.685 billion (approximately NT$730 billion) at the end of last year. However, as the fund's total assets expanded in tandem, TSMC's weight in the overall portfolio actually edged down from 1.77% to 1.70%, suggesting the value increase was driven primarily by share price appreciation.
From a global portfolio perspective, TSMC overtook Amazon in the first half of this year to become the fund's fifth-largest global equity holding, up one notch from the end of last year. The top four positions are Nvidia, Apple, Google parent Alphabet, and Microsoft.
The most closely watched change occurred in the second-largest holding. MediaTek's holding value exploded roughly threefold from around $1 billion at the end of last year to $3.183 billion (approximately NT$100 billion), with its portfolio weight rising from 1.09% to 1.49%, successfully displacing Hon Hai as the fund's second-largest Taiwan position.
Delta Electronics (2308.TW) held steady as the third-largest holding, with its value rising 75% to $1.756 billion (approximately NT$56 billion) from $1.001 billion (approximately NT$32 billion), though its portfolio weight slipped from 1.26% to 1.10%.
Hon Hai Group slid to fourth place, with its holding value edging up just 1.5% to $1.219 billion (approximately NT$39 billion), while its portfolio weight declined from 1.17% to 1.10%.
Yageo posted the most dramatic ranking change of any stock, surging from 18th place at the end of last year to fifth, displacing Wiwynn (6669.TW). Yageo's holding value skyrocketed 426% to $1.120 billion (approximately NT$36 billion) from $212 million (approximately NT$7 billion), with its portfolio weight rising from 1.40% to 1.51% — a powerful combination of value growth and increased allocation.
The lower half of the top ten also saw notable adjustments. ASE Technology Holding (3711.TW) replaced CTBC Financial Holding (2891.TW) as the sixth-largest holding; Elite Material (2383.TW) overtook Accton Technology (2345.TW) to claim seventh place; Accton fell to eighth; Unimicron (3037.TW) and United Microelectronics (2303.TW) rounded out the list at ninth and tenth, respectively.
| Rank | Company | Holding Value (USD) | Weight Change |
|---|---|---|---|
| 1 | TSMC | $33.525B | 1.77% → 1.70% |
| 2 | MediaTek | $3.183B | 1.09% → 1.49% |
| 3 | Delta Electronics | $1.756B | 1.26% → 1.10% |
| 4 | Hon Hai | $1.219B | 1.17% → 1.10% |
| 5 | Yageo | $1.120B | 1.40% → 1.51% |
| 6 | ASE Technology Holding | — | — |
| 7 | Elite Material | — | — |
| 8 | Accton Technology | — | — |
| 9 | Unimicron | — | — |
| 10 | United Microelectronics | — | — |
Note: Rankings are based on holding market value. Holding values and weight changes for positions 6 through 10 were not fully disclosed. Source: Norges Bank Investment Management
14 Additions, 20 Removals Signal Clear Strategic Direction
NBIM's portfolio adjustments in Taiwan extended well beyond the top-ten weighted stocks. Comparing the first half of this year against the end of last year, the fund added 14 new positions while removing 20, for a net reduction of six names.
New additions span a range of electronic component and technology companies, including APAQ Technology (6449.TW), Browave Corporation (3163.TW), Elite Semiconductor Microelectronics Technology (3006.TW), Holy Stone Enterprise (3026.TW), Jess-Link Products (6197.TW), YJ Tek (6683.TW), Nichidenbo Corporation (3090.TW), Microloops Corporation (6831.TW), Team Group (4967.TW), Topoint Technology (8021.TW), and Wus Printed Circuit (1316.TW). On the traditional industry side, the fund added Formosa Plastics (1301.TW) and Universal Microwave Technology (4991.TW).
The 20 removed positions cut across diverse sectors, including AIC Inc. (3693.TW), Taiwan Chelic (4583.TW), Chieftek Precision (1597.TW), China Motor Corporation (2204.TW), Evergreen Aviation Technologies (2645.TW), Fulgent Sun International (9802.TW), Global PMX (4551.TW), Great Wall Enterprise (1210.TW), HD Renewable Energy (6873.TW), Kinpo Electronics (2312.TW), Machvision (3563.TW), Nantex Industry (2108.TW), Nuvoton Technology (4919.TW), Pegavision Corporation (6491.TW), Phihong Technology (2457.TW), SYNergy ScienTech (4931.TW), Shinfox Energy (6806.TW), Taliang Technology (3167.TW), UPC Technology (1313.TW), and Yulon Nissan Motor (2227.TW).
Overall, the Norwegian sovereign wealth fund's top-ten Taiwan holdings showed a clear concentration toward technology stocks in the first half of the year, with companies tied to AI, high-performance computing, and the semiconductor supply chain continuing to draw attention from the world's largest sovereign fund. The ranking surges of MediaTek and Yageo reflect a structural reallocation by NBIM toward Taiwan's technology supply chain.
The Norwegian sovereign wealth fund also reported first-half results on the same day, posting a profit of 1.75 trillion Norwegian kroner (approximately $184.3 billion). Fund CEO Nicolai Tangen said the gains were driven primarily by strong equity market performance, with Asian technology stocks standing out in particular.
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