Norway’s US$2.2 trillion sovereign wealth fund, the world’s largest, recorded an annual profit of approximately US$248 billion in 2025, delivering a 15.1 percent return despite global economic volatility.
Managed by Norges Bank Investment Management (NBIM), the fund invests revenues from Norway’s oil and gas sector on behalf of the Norwegian population and holds stakes in over 7,200 companies across 60 countries, representing roughly 1.5 percent of the world’s publicly listed stocks.
The fund’s value rose from about US$2.08 trillion at the end of 2024 to US$2.2 trillion, reflecting strong gains in global equities, renewables infrastructure, and strategic exposure to U.S. financials and technology sectors. CEO Nicolai Tangen highlighted that a “strong upturn” in global equities, particularly U.S. technology stocks, was the main driver of the fund’s performance, supported by solid corporate earnings, optimism around AI, and central bank interest rate cuts.
Nearly 40 percent of NBIM’s assets are invested in U.S. equities, with top holdings including a 1.3 percent stake in Nvidia, 1.2 percent in Apple, and 1.3 percent in Microsoft. Overall, equities, which make up over 71 percent of the fund’s US$2.2 trillion portfolio, returned 19.3 percent in 2025, significantly outpacing fixed income and real estate segments.
NBIM’s unlisted renewable energy infrastructure portfolio also contributed strongly, generating an 18.1 percent gain, including investments in major renewable power projects such as Germany’s largest electricity grid. Meanwhile, fixed income assets, comprising over 26 percent of the fund’s holdings (US$594 billion), delivered a 5.4 percent return, and unlisted real estate investments rose 4.4 percent.
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The fund’s performance, while strong, fell slightly short of its benchmark index by 0.28 percentage points (approximately 50 billion kroner). Tangen described 2025 as a year of “constant turmoil and surprises,” noting that the fund’s diversified portfolio helped weather global trade tensions and market uncertainties, including U.S. tariff increases.
NBIM has also begun integrating artificial intelligence (AI) into its investment oversight, using the Anthropic Claude model to screen investments for ethical and ESG-related issues. This initiative, launched in late 2024, is intended to enhance governance and ensure compliance with ethical investment guidelines. Last year, the fund temporarily suspended its traditional ESG assessments following criticism from the White House over its divestment from Caterpillar, a U.S. firm with alleged ties to activities in the West Bank.
Beyond financial returns, the fund continues to invest strategically in renewable energy and sustainable infrastructure, aligning profitability with Norway’s broader goals for responsible, long-term investment. The performance demonstrates the fund’s ability to balance equity growth, infrastructure expansion, and risk management, making it a model for sovereign wealth management globally.
In summary, Norway’s sovereign wealth fund achieved a record profit in 2025, driven by major positions in U.S. technology, banking, and renewable energy infrastructure, complemented by disciplined management of fixed income and real estate portfolios. With AI-enhanced ESG oversight, the fund is positioning itself to continue generating strong returns while aligning investments with ethical and sustainable principles, maintaining its role as a cornerstone of Norway’s national wealth and long-term fiscal stability.
Total assets: $2.2 trillion
Annual profit: $248 billion
Equity return: 19.3%
Renewables infrastructure return: 18.1%
Fixed income return: 5.4%
Real estate return: 4.4%
This record underscores how strategic asset allocation and sustainable investment initiatives can drive exceptional performance even amid global market turbulence.
