(Bloomberg) -- Norway’s $1.3 trillion wealth fund is still positive about the US technology giants, even after the sector led the investor to a record loss.

“The US tech companies would typically be amongst our top 10 holdings and we continue to think they’re well positioned,” Norges Bank Investment Management CEO Nicolai Tangen said in an interview on Bloomberg TV. The size of the holdings reflects their size in the benchmark for the fund, which is limited in how far it can stray from that index of global stocks, he said.

The fund lost $174 billion in the first half of the year, with Meta Platforms Inc, Amazon.com Inc, Apple Inc and Microsoft Corp the biggest single contributers to the decline, it said. These four are also the biggest single equity holdings of the fund.

Technology companies as a whole lost 27.6%, as demand for digital advertising, e-commerce and semiconductors eased after the pandemic just as fears of a recession increased.

Read More: Norway’s Wealth Fund Posts Biggest Half-Year Loss on Record

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