Norway's sovereign wealth fund reports $247 billion profit

Norway's sovereign wealth fund reported a profit of 2.36 trillion Norwegian kroner ($247 billion, or 206 billion euros) for 2025 on Tuesday, down from a record 2.51 trillion kroner in 2024, driven by investments in technology and finance, Reuters reported, according to Agerpres.

Fueled by the Norwegian state's oil and gas revenues, which it invests in various asset classes worldwide, the fund's value reached a colossal 21.268 trillion kroner (1.858 billion euros) at the end of last year.

For the full year of 2025, the fund's overall investment return was 15.1%, 0.28 percentage points below the stable benchmark set by the Norwegian Ministry of Finance.

"The fund performed very well in 2025. Technology, financials and materials stocks stood out, contributing significantly to total returns,” said Nicolai Tangen, managing director at Norges Bank Investment Management, the Norwegian fund's manager.

A fifth of NBIM's investments are in technology stocks and 12% are in financials. In the second half of the year, the fund reduced its holdings in the largest U.S. technology companies, and its largest holdings now include Nvidia Corp., Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon.com Inc.

While equity investments returned 19.3%, fixed income investments returned 5.4% and real estate investments returned 4.4%. Renewable energy infrastructure investments also returned 18.1%, NBIM said.

At the end of last year, 71.3% of the fund's assets were invested in equities, down from 71.4% at the end of 2024, while the share of assets invested in fixed income instruments fell to 26.5% from 26.6%. The share of assets invested in real estate fell to 1.7% from 1.8%, and 0.4% was invested in renewable energy infrastructure, up from 0.1% in 2024.

Established in 1996, Norway's sovereign wealth fund holds about 1.5% of all listed shares globally, in about 7,200 companies, making it the world's largest sovereign investor.