At the end of 2025, the Norwegian sovereign wealth fund Norges Bank Investment Management (NBIM) had in its portfolio shares of 74 companies listed on the Warsaw Stock Exchange (WSE) worth a total of USD 2.28 billion – according to the list published on the NBIM website.
This is the equivalent of approximately PLN 8 billion. For comparison, the capitalization of 356 Polish companies listed on the main market of the WSE amounted to PLN 1.04 trillion at the end of 2025, and the total market valuation of all 399 companies – both domestic and foreign – reached PLN 2.44 trillion.
The value of the NBIM portfolio, i.e. USD 2.28 billion, increased by 91.8% in this currency over a year. This is largely due to the increase in the price of companies' shares on the WSE – in 2025, the WIG index increased by an impressive 50%. — but the fund itself also had to increase its purchases of shares. To check this, it would be necessary to track the change in the value of a block of shares of a particular company from the NBIM portfolio (table below) and compare it with the change in its share price.
The NBIM rate of return in 2025, achieved across all asset classes in various markets, was 15.1%. The return on investment in shares was 19.3 percent, on bonds 5.4 percent, on real estate not listed on regulated markets 4.4 percent, and on renewable energy infrastructure (also unlisted) 18.1 percent.
Total assets of NBIM at the end of 2025 amounted to 21.29 trillion Norwegian kroner ($2.22 trillion), of which 71.3 percent fell on shares, 26.5 percent for bonds, 1.8 percent on real estate and 0.4 percent for non-traded renewable energy infrastructure.
Below is a summary of the value of shares of companies listed on the Warsaw Stock Exchange from the portfolio of Norges Bank Investment Management, at the end of 2025 and 2024, respectively:
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PAP
What is a Norges Bank fund?
Norges Bank Investment Management manages the Norwegian government pension fund, which is funded by revenues from oil production. NBIM is a specialized unit of the Norwegian Central Bank responsible for managing the Government Pension Global Fund (often called the “oil fund”).
NBIM is the largest entity of this type in the world. At the beginning of 2026, the value of assets managed by the Norwegian giant is estimated at $2.1–2.2 trillion. Thus, this fund is ahead of its biggest rivals, such as the Chinese China Investment Corporation (CIC) or funds from the Persian Gulf countries.
Although companies such as BlackRock and Vanguard manage larger amounts (even over USD 10 trillion), these are private corporations managing clients' money. NBIM is unique because it manages the nation's assets, and its sole owner is the Norwegian state.
The fund, established to secure profits from the exploitation of oil and gas deposits for future generations, has become an important element of the Norwegian economic model. Instead of allocating current revenues from raw materials to consumption, Norway transfers them to a fund that invests capital exclusively outside the country. Such a strategy not only protects the local economy from the so-called “Dutch disease” and excessive inflationbut it creates a powerful financial cushion that makes the state budget independent of fluctuations in energy prices on world markets.
NBIM and ESG standards. The fund became known in Poland
NBIM has interests in over 9,000 companies in 70 countries. The fund controls on average approx 1.5 percent all shares listed on global stock exchanges, which gives it unprecedented influence on corporate governance and global investment trends.
This institution is also a pioneer in the area ESG (Environmental, Social, and Governance) – regularly excludes from investments entities that violate ethical standards, including: producers of controversial weapons or companies with a high carbon footprint, thus forcing pro-ecological and ethical changes on the management boards of the world's largest corporations. The fund has also made itself known in Poland in this respect. In 2023, the NBIM Ethics Council placed Orlen on the watch list for three years. The reason was the takeover of Polska Press and the risk this move posed to press freedom in Poland.
In addition to the stock market, NBIM's portfolio includes treasury bonds, real estate in the most prestigious metropolises and renewable energy infrastructure.
