Norway’s sovereign wealth fund posts US$247 billion profit in 2025

Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, reported its highest annual profit to date in 2025, with a gain of 2.36 trillion kroner (approximately US$247 billion).

As of 31 December 2025, the fund’s total value reached 21.27 trillion kroner. This reflected an increase of 1.53 trillion kroner during the year, despite currency fluctuations and political headwinds.

The fund’s overall return in 2025 stood at 13.5 percent. However, this was marginally below its benchmark index by 0.28 percentage points.

Equities, comprising 71.3 percent of the portfolio, returned 19.3 percent. According to CEO Nicolai Tangen, “stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return.”

The fund’s fixed income investments, which account for 26.5 percent of the portfolio, returned 5.4 percent. Unlisted real estate and unlisted renewable energy infrastructure delivered returns of 4.4 percent and 18.1 percent respectively.

NBIM, which manages the fund on behalf of the Norwegian population, invests proceeds from Norway’s oil and gas revenues across a globally diversified portfolio.

Set up in the 1990s, the fund now holds investments in over 7,000 companies across 60 countries.

Its largest stakes include 1.3 percent holdings in Nvidia and Microsoft, and a 1.2 percent stake in Apple.

Holdings in the basic materials sector include mining giant Fresnillo, which rose 452.5 percent in 2025 due to a silver rally and its acquisition of Probe Gold.

In the financial sector, NBIM holds significant shares in Bank of America, JPMorgan Chase, and Goldman Sachs.

The fund also holds shares in major European lenders such as Santander, UBS, HSBC and UniCredit.

Despite the positive results, NBIM’s investment decisions in 2025 were not without controversy.

In September, the U.S. State Department criticised the fund’s decision to divest from American construction firm Caterpillar and five Israeli banks.

A spokesperson described the move as “very troubling,” arguing it was “based on illegitimate claims against Caterpillar and the Israeli government.”

The decision followed internal NBIM assessments citing “unacceptable risk” of complicity in human rights violations in the Palestinian territories.

Norway’s Finance Minister Jens Stoltenberg defended the decision, stating it was “not a political decision.”

He also affirmed continued engagement with the U.S. market, which represents 38.8 percent of the fund’s portfolio.

“Our presence in the United States reflects the size of the U.S. market,” Stoltenberg said at the World Economic Forum in Davos. “I think that’s the best way for a very long-term fund.”

Currency movements also impacted the fund’s performance. The appreciation of the Norwegian krone against several major currencies reduced the value of holdings by 1.155 trillion kroner.

After management costs, the net inflow into the fund was 319 billion kroner for the year.

Despite the slight underperformance relative to its benchmark, the fund’s accounting return — at 2.36 trillion kroner — reinforces its role as a long-term stabiliser for Norway’s economy.