A view of Oslo from the roof of the Oslo Opera House in Oslo, Norway, Thursday, Oct. 21, 2021.
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Norway’s $2 trillion sovereign wealth fund is set to generate a record $1.4 billion in 2025, its management team said on Thursday, thanks to growth in technology, financial and mining stocks.
At the end of last year, the total value of the fund was 21.27 trillion Norwegian kroner ($2.2 trillion). In 2025, the fund returned 13,456.8 billion kroner, or $1.38 billion, its highest annual return since its inception in the 1990s.
The total return was 0.28 percentage points below that of its benchmark index.
Stocks, which make up about 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 people of Norway. The fund, which was established in the 1990s to invest surplus income from Norway’s oil and gas industry, is currently an investor in more than 7,000 companies in 60 countries.
His most valuable investments include a 1.3% stake Nvidia1.2% share Apple and a 1.3% stake Microsoft.
“Stocks in technology, financials and basic materials stood out, contributing significantly to overall returns,” NBIM CEO Nikolai Tangen said in a statement 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, has surged 452.5% amid the silver boom and its acquisition of Probe Gold.
In the financial sector, NBIM has significant stakes Bank of America, JPMorgan Chase and Goldman Sachs. The fund also has various holdings in global creditors, including European banking giants Santander, UBS, HSBC and UniCredit. Europe’s banking sector was the source principal returns for investors in recent years.
Non-equity NBIM fixed income investments returned 5.4% in 2025, while non-listed real estate returned 4.4%. Its renewable energy infrastructure holdings returned 18.1% last year.
The fund has grown to 1.53 trillion kroner in 2025 – about $159.2 billion.
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