Key Takeaways
- • Norway's sovereign wealth fund, the world's largest, reported a 2025 profit of 2.36 trillion krone (about $A350 billion), according to a statement cited by Reuters, though it fell short of the 2024 record of 2.51 trillion krone.
- • The fund returned 15.1% in 2025, 0.28 percentage points below its benchmark index set by the finance ministry.
- • The fund holds assets of about $US2.2 trillion and owns on average 1.5% of all listed stocks globally.
- • US Treasury holdings rose to $US199 billion, or 9.4% of total investments as of December 31, up from $US181 billion (9.2%) at June 30.
- • Overall exposure to the United States reached 52.9% of assets at end-2025, up from 52.4% six months earlier, even as some large northern European investors reduce US exposure.
Summary
Norway's sovereign wealth fund reported a 2025 profit of 2.36 trillion krone (about $A350 billion), driven by gains in technology, financial and basic materials stocks, according to a statement from the fund. The result was slightly below the record 2.51 trillion krone earned in 2024. The fund's return on investment for 2025 was 15.1%, which trailed its benchmark index by 0.28 percentage points. Fund CEO Nicolai Tangen said stocks in technology, financials and basic materials "stood out, making a significant contribution to the overall return."
The fund, which invests Norway's oil and gas revenues in bonds, stocks, property and unlisted renewable energy projects outside its home market, holds assets of $US2.2 trillion. It is worth the equivalent of $US385,000 for every Norwegian citizen and finances roughly 25% of the country's fiscal budget.
The fund increased its US Treasury holdings during the second half of 2025 to $US199 billion, or 9.4% of total investments as of December 31, continuing a long-term trend, according to fund data. That compares with $US181 billion, or 9.2%, at June 30. Total US exposure across equities, bonds and property was 52.9% of assets at year-end, up from 52.4% six months earlier. This comes as some large northern European pension investors have grown wary of US asset risk amid geopolitical tensions, according to pension chiefs who spoke to Reuters.
An Al Jazeera report, cited by the publisher, examined the fund's profits from Israeli holdings, a claim that was not verified in the material available for this summary.
The fund, which invests Norway's oil and gas revenues in bonds, stocks, property and unlisted renewable energy projects outside its home market, holds assets of $US2.2 trillion. It is worth the equivalent of $US385,000 for every Norwegian citizen and finances roughly 25% of the country's fiscal budget.
The fund increased its US Treasury holdings during the second half of 2025 to $US199 billion, or 9.4% of total investments as of December 31, continuing a long-term trend, according to fund data. That compares with $US181 billion, or 9.2%, at June 30. Total US exposure across equities, bonds and property was 52.9% of assets at year-end, up from 52.4% six months earlier. This comes as some large northern European pension investors have grown wary of US asset risk amid geopolitical tensions, according to pension chiefs who spoke to Reuters.
An Al Jazeera report, cited by the publisher, examined the fund's profits from Israeli holdings, a claim that was not verified in the material available for this summary.
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