A view of Oslo from the rooftop of the Oslo Opera House on Thursday, October 21, 2021 in Oslo, Norway.
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Norway’s $2 trillion sovereign wealth fund posted record profits of $1.4 billion in 2025, driven by gains in tech, financial and mining stocks, management announced Thursday.
By the end of last year, the fund’s total value had reached NOK 21.27 trillion ($2.2 trillion). The fund returned 13,456.8 billion kronor ($1.38 billion) through 2025, marking its highest annual return since its creation in the 1990s.
The overall return was 0.28 percentage points lower than the benchmark index return.
Stocks, which make up about 71% of the fund’s investments, returned 19.3% last year.
Norges Bank Investment Management (NBIM) manages the Fund on behalf of Norwegian citizens. The fund was established in the 1990s to invest surplus profits from Norway’s oil and gas industry and currently invests in more than 7,000 companies in 60 countries.
The most valuable investments include Nvidia1.2% stake apple and holds a 1.3% stake microsoft.
“Technology, financials and basic materials stocks stood out and contributed significantly to overall returns,” NBIM CEO Nikolai Tangen said in a statement Thursday.
NBIM’s assets in the basic materials sector include major mining companies Fresnillo — The best-performing stock on London’s FTSE 100 index last year, soaring 452.5% following the silver boom and the Probe Gold acquisition.
In the financial sector, NBIM has significant holdings. bank of america, JP Morgan Chase and goldman sachs. The fund also holds various holdings in global financial institutions, including major European banks. Santander, UBS, HSBC and unicredit. Europe’s banking sector has delivered big returns for investors in recent years.
Outside of stocks, NBIM’s fixed income investments returned 5.4% in 2025, while private real estate returned 4.4%. The company’s renewable energy infrastructure holdings returned 18.1% last year.
The value of the fund increased by SEK 1.53 trillion (approximately $159.2 billion) in 2025.
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