The Allocation Nobody Made — 12 August 2026

Norway's sovereign wealth fund reported the largest half-year kroner return in its history — 1,753 billion kroner — and its own attribution shows the one decision it took across asset classes subtracted from it. The first SpaceX disclosure, the $552 million bond line nobody else reported, and the $188 billion of the equity book where the votes are worth less than the ownership. Then: the Strait of Hormuz at six ships a day, and what the EIA's move to early 2027 means for the energy book. Not investment advice.