The fund recorded an investment increase of 15.1%. – writes Bloomberg. Its value increased by 1.5 trillion crowns ($160 billion) in 2025, to 21.3 trillion crowns ($2.2 trillion), the management board said on Thursday.
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What does the fund owe its result to? First of all, growth in the technology and financial sectors, as well as the increase in gold and silver prices, which supported companies from the raw material industry.
“We had a particularly strong position in the commodities market. You saw what happened with metal prices, gold, silver, copper, etc., that really drove it,” CEO Nicolai Tangen told reporters, as quoted by Bloomberg. “The financial sector is also strong, and real estate is the worst performing sector.”
Sovereign wealth funds are state investment institutions that manage assets derived from budget surpluses or raw material exports.
Shares. What does the Norwegian sovereign wealth fund invest in?
Norges Bank Investment Management – NBIM (as this fund is officially called) has placed more than half of its investments in the United States, mainly in stocks and bonds.
20 percent NBIM investments are shares of technology companies, and 12 percent — financial companies. In the second half of the year, the fund reduced its holdings in the largest American technology companies. Its largest assets currently include Nvidia Corp., Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon.com Inc.
The fund holds approximately 1.5 percent. all shares listed worldwide, covering approximately 7,200 companies. At the end of 2025, the fund had in its portfolio shares of 74 companies listed on the Warsaw Stock Exchange (GPW) worth a total of USD 2.28 billion – according to the summary published on the NBIM website.
Nvidia, Apple, Microsoft shares
The shares brought a return of 19.3% last year. NBIM's most valuable investments include 1.3%. shares in Nvidia1.2 percent shares in Apple and 1.3 percent shares in Microsoft.
NBIM's assets in the primary resources sector include a mining giant Fresnillo — the best-performing stock on London's FTSE 100 index last year amid the silver boom and the Probe Gold acquisition.
In the financial sector, NBIM has significant shares in Bank of America, JPMorgan Chase and Goldman Sachs. The fund also holds interests in global lending institutions, including European banking giants Santander, UBS, HSBC and UniCredit.
Bonds and real estate
Investments in fixed income instruments returned 5.4% and investments in unlisted real estate – 4.4%. Investments in unlisted renewable energy infrastructure generated 18.1%, NBIM reported. The largest assets in NBIM's portfolio were U.S. Treasury bonds, Japanese and German government bonds.
Investments and geopolitics
The deterioration of relations between Europe and the United States in recent weeks, including U.S. President Donald Trump's threats to take over Greenland, has led some experts to question the geographic concentration of NBIM.
A panel of experts recently appointed by the government recommended that the fund prepare for growing geopolitical turmoil.
In neighboring Denmark, a pension fund announced last week that it was selling its holdings in US Treasuries, saying they were “not good debt securities”, and in Sweden, another pension fund was reducing its holdings from early 2025.
Asked about these moves, Grande said, “we don't see large institutional investors changing their minds” about Treasuries.
Donald Trump criticized the Norwegian sovereign wealth fund
In 2025, the fund's decisions faced criticism — especially from the White House. In September, the US State Department told CNBC it was “very concerned” by the fund's decision to withdraw from investments in US machinery maker Caterpillar and five Israeli banks, citing an “unacceptable risk” that the companies are contributing to rights abuses in the Palestinian territories.
The spokesman argued that NBIM's withdrawal from Caterpillar “appears to be based on unsubstantiated allegations against Caterpillar and the government of Israel.” Norway's Finance Minister Jens Stoltenberg later said the sale “was not a political decision.”
Source: CNBC
