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(Bloomberg) — Norway’s sovereign wealth fund returned 15.1% last year, largely thanks to gains in technology and financial companies.
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Norges Bank Investment Management, which manages the $2.2 trillion fund, saw investments in equities return 19.3% in 2025 with other asset classes also growing, it said in a statement on Thursday. Still, NBIM missed the benchmark it measures itself against by 28 basis points last year.
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“Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return,” Chief Executive Officer Nicolai Tangen said in the statement.
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Big tech has in recent quarters dominated the fund’s performance. NBIM’s largest holdings include Nvidia Corp., Apple Inc, Microsoft Corp, Alphabet Inc., and Amazon.com Inc. The fund holds about 1.5% of all listed shares globally across about 7,200 companies, making it the world’s largest sovereign wealth fund.
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Fixed income returned 5.4% and investments in unlisted real estate 4.4%. Unlisted renewable-energy infrastructure returned 18.1%, NBIM said.
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Founded in the early 1990s, NBIM invests in line with a benchmark index set by Norway’s finance ministry and its scope for active moves is limited. Its portfolio spans equities, fixed income, real estate, and renewable infrastructure, all outside Norway.
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The fund holds more than half of its value in the US, mostly in equities and bonds. Soured relations over the past weeks between Europe and the US, including the threats by US President Donald Trump to take over Greenland, have caused some experts to question NBIM’s geographical concentration.
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This week, a government-appointed expert panel specifically told the fund to prepare for growing geopolitical turmoil, citing US administration linking import tariffs to its desire to annex Greenland, while also advising not to restrict the fund’s investment universe.
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—With assistance from Stephen Treloar.
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English (US)