Norway's $2 Trillion Fund Achieves Record $1.4 Billion Return
By John Nada·Jan 29, 2026·2 min read
Norway's sovereign wealth fund reports a record $1.4 billion return in 2025, driven by tech and banking stocks, showcasing its strategic investment success.
Norway's $2 trillion sovereign wealth fund has posted a remarkable record return of $1.4 billion for 2025, propelled by surging tech, financial, and mining stocks. According to CNBC Business, this significant gain marks the fund's highest annual return since it was established in the 1990s. By the end of last year, the fund's total value reached 21.27 trillion Norwegian kroner.
Equities, which constitute about 71% of the fund's investments, delivered a robust return of 19.3%. Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), noted that the standout performance from stocks in technology, financials, and basic materials contributed significantly to the fund's overall success. The report highlighted that major holdings include stakes in Nvidia, Apple, and Microsoft.
In the basic materials sector, Fresnillo emerged as a key player, being the best-performing stock on London's FTSE 100 last year, thanks to a surge amid a silver boom and its acquisition of Probe Gold. In the financial arena, the fund's substantial investments in Bank of America, JPMorgan Chase, and Goldman Sachs have also paid off handsomely. European banks, including Santander, UBS, HSBC, and UniCredit, are notable contributors, underlining the financial sector's role as a lucrative investment space in recent years.
Beyond equities, the fund's fixed income investments yielded a 5.4% return in 2025, while unlisted real estate returned 4.4%. Renewable energy infrastructure also performed well, generating an impressive 18.1% return for the year. Overall, the fund increased in value by 1.53 trillion kroner, reflecting a robust growth trajectory.
This record return illustrates the fund's strategic positioning and the successful management of its diverse portfolio. With a strong focus on high-growth sectors, Norway's sovereign wealth fund continues to be a formidable player in global markets. As such, investors and market observers should take note of its performance as a potential indicator of broader market trends.