Norway's sovereign wealth fund returns 15.1% in 2025

29th Jan 2026 07:10

(Sharecast News) - Norway's sovereign wealth fund said on Thursday that it returned 15.1% in 2025, underpinned by technology and financial stocks.

Norges Bank Investment Management said the performance was driven mainly by a 19.3% return on its equity investments, which make up 71.3% of overall investments.

The return on fixed income - which makes up 26.5% - was 5.4%. Investments in unlisted real estate returned 4.4%, while investments in unlisted renewable energy infrastructure returned 18.1%.

The accounting return was 2.36 trillion crowns.

Nevertheless, the fund's return was 0.28 percentage points lower than the return on the benchmark index.

Chief executive Nicolai Tangen said: "The fund delivered very strong results in 2025. Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return."

The fund's top 15 equity holdings include Nvidia, Apple, Microsoft, Alphabet, Amazon, Taiwan Semiconductor Manufacturing Company, Broadcom and Meta, among others.

It tops five countries are the US, Japan, the UK, Germany and France.