BUSINESS – In a standout year for global investing, Norway’s sovereign wealth fund, officially known as the Government Pension Fund Global and managed by Norges Bank Investment Management (NBIM) reported a 15.1% overall return in 2025, generating about 2.36 trillion Norwegian kroner (roughly $247 billion), according to financial data released by CNBC’s reporting sourced from Reuters and corroborating financial reports. This performance marked one of the most robust results in recent memory for the world’s largest sovereign wealth fund, whose total assets under management reached approximately 21.27 trillion kroner (about $2.2 trillion) by year-end.
The fund’s impressive gain was driven primarily by equity markets, which returned 19.3% in 2025, reflecting strong performance in technology, financial, and basic materials stocks. Its heavy exposure to global leaders in computing and innovation — including stakes in firms like Nvidia, Apple and Microsoft — was a key factor in capturing gains from the ongoing enthusiasm around AI and digital transformation, while resilient banking stocks also bolstered returns.
Besides equities, other segments contributed solidly: fixed income investments returned around 5.4%, unlisted real estate delivered about 4.4%, and renewable energy infrastructure soared with an 18.1% return, underscoring the diversified nature of the fund’s portfolio.
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Despite this standout performance, the fund’s total return slightly trailed its benchmark index by about 0.28 percentage points, a reminder of the challenge of consistently outperforming global market benchmarks even in strong years. Fund CEO Nicolai Tangen described the 2025 outcome as “very strong results,” noting that stock gains in technology, financials and basic materials stood out and contributed significantly to the overall return.”
Norway’s sovereign wealth fund was created to invest surplus revenues from the country’s oil and gas sector for the benefit of both current and future generations, and as of late 2025 it holds equity stakes in thousands of companies across more than 60 countries, making it one of the most influential institutional investors worldwide.
In another recent move, the fund boosted its holdings in U.S. Treasury bonds, bringing this segment to roughly $199 billion (about 9.4% of total assets), even amid concerns over global government debt — a policy choice that reflects both its long-term mandate and risk management considerations.
Looking ahead, while the 2025 results reinforce the fund’s strength as a global investor, Norges Bank and its leadership continue to monitor economic and market risks — from interest rate shifts to geopolitical tensions — as they steward one of the world’s most significant pools of capital into the future.
