Norway wealth fund posts $1.4 billion return amid tech, banking boom
A view of Oslo seen from the roof of the Oslo Opera House on Thursday, October 21, 2021, in Oslo, Norway.
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Norway’s $2 trillion sovereign wealth fund has achieved a record return of $1.4 billion in 2025, thanks to a rebound in technology, financial and mining stocks, its management team said on Thursday.
As of the end of last year, the total value of the fund stood at 21.27 trillion Norwegian kroner ($2.2 trillion). The fund returned 13,456.8 billion crowns, or $1.38 billion, through 2025; this was its highest annual return since its inception in the 90s.
The overall return was 0.28 percentage points lower than the return of the benchmark index.
Stocks, which make up approximately 71 percent of the fund’s investments, returned 19.3 percent last year.
Norges Bank Investment Management (NBIM) manages the fund on behalf of the Norwegian people. Founded in the 1990s to invest excess revenues from Norway’s oil and gas industry, the fund is currently an investor in more than 7,000 companies in 60 countries.
Among his most valuable investments is a 1.3% stake. Nvidiaowns 1.2 percent of the shares Apple and owns 1.3% shares Microsoft.
“Technology, financial and basic materials stocks came to the fore and made a significant contribution to the overall return,” NBIM CEO Nicolai Tangen said on Thursday.
NBIM’s holdings in the basic materials sector include the mining giant Fresnillo — The best-performing stock on London’s FTSE 100 last year rose 452.5% on the silver boom and its acquisition of Probe Gold.
NBIM has significant shares in the financial sector. Bank of America, JPMorgan Chase And Goldman Sachs. The fund also has various holdings in global lenders, including European banking giants. Santander, UBS, HSBC And UniCredit. Europe’s banking sector has been a significant source of returns for investors in recent years.
Excluding equities, NBIM’s fixed income investments returned 5.4% in 2025, while unlisted real estate returned 4.4%. Renewable energy infrastructure assets returned 18.1% last year.
The value of the fund increased by 1.53 trillion crowns, or approximately 159.2 billion dollars, in 2025.
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