Chart of the Day

Owned versus voted

Norges Bank Investment Management published holdings, as at 30 June 2026. Three inspected holdings shown; percentages are of each company, not of the fund.

Six announcements across the stage ledger

Six announcements across the stage ledger. Stages assigned by UAO from the primary announcement documents — Bank of America, NVIDIA, Goldman Sachs, Cleanaway (via ASX) and the Presidency of Colombia, 10–13 August 2026. Marker area is proportional to the headline figure; solid markers are b

What the fund earned, and what it chose — NBIM half-year 2026 attribution and asset-class returns

Source: Norges Bank Investment Management half-year report 2026, published 12 August 2026. Returns are for the six months to 30 June 2026; asset-class returns are measured in the fund’s currency basket, and the relative-return contributions are the fund’s own attribution. These are the fun

The curve that will price the compute build-out

US Treasury 10-year and 2-year constant-maturity yields and the 10y-2y spread, 2026 year to date, with the 28 February Hormuz closure marked. Series DGS10/DGS2 via FRED, daily closes through 7 August 2026; single vintage; Fed-produced series only.

Oil charges; credit still doesn't

Brent, the VIX and US high-yield spreads since the war began on 28 February. The repricing arrives one asset class at a time: crude and hull cover first, volatility second, credit not yet — HY OAS 2.73% while Hormuz sailings run at 2/day.

Chart of the Day — The war premium arrives

Brent crosses $90 as Hormuz transits thin out.

Chart of the day — S&P 500 vs Brent crude: the week they decoupled

Source: FRED; Friday settle/close market data.

Chart of the day — 2026-07-17

Chart of the day — the disinflation you got is energy-led

U.S. headline CPI fell to 3.5% y/y in June, undershooting the 3.8% consensus. But the move was energy-led — the energy index dropped 5.7% on the month — while core inflation held flat at 2.6%. Disinflation that arrives through the fuel line is disinflation the universal owner is renting, n

Chart of the day — the insurance range

The war-risk premium a tanker owner pays to transit Hormuz sits in a range, not at a point — and the range itself is the signal. For universal owners exposed to seaborne energy, the cost of passage has become a standing line item rather than a one-off shock.

Chart of the day — the toll you're already paying

Hull war-risk premium as a percentage of vessel value. The reopening of Hormuz was priced as relief, but the insurance toll never fully reset — owners are still paying for a risk the headlines said had passed.

Chart of the day — priced as a blip, behaving as a standing risk

Markets treated the Hormuz disruption as a transient spike, but the underlying risk measures have settled at a higher plateau. What gets priced as a blip is behaving, in the data, as a standing risk.