Prime Highlights:
- Norway’s sovereign wealth fund achieved a 5.8% quarterly return, earning nearly $103 billion in profit.
- AI-driven tech sector growth and strong equity markets boosted overall performance.
Key Facts:
- The fund’s total assets reached $2 trillion, with 71.2% allocated to equities.
- S. tech companies, including Meta, Amazon, and Nvidia, remain among its top holdings.
Background:
Norway’s Government Pension Fund Global, the world’s largest wealth fund, gained 5.8% in the third quarter of 2025, earning about $103 billion, helped by strong global stock markets.
The fund, managed by Norges Bank Investment Management (NBIM), was valued at 20.4 trillion Norwegian kroner ($2 trillion) at the end of September, an increase of 854 billion kroner during the quarter. Equity investments, which make up over two-thirds of the portfolio, returned 7.7%, while fixed income assets gained 1.4%, real estate investments rose 1.1%, and renewable energy infrastructure added 0.3%.
NBIM’s Deputy CEO Trond Grande credited the quarter’s strong results to notable gains in the basic materials, telecom, and financial sectors. He said the Asia-Pacific region contributed strongly, with better corporate practices and higher investor confidence in Japan and South Korea. He added that tech stocks are priced high but supported by good earnings, and it’s still unclear which companies will gain the most.
The fund’s portfolio remains diversified, with 71.2% in equities, 26.6% in fixed income, 1.8% in unlisted real estate, and 0.4% in renewable energy infrastructure. Major U.S. holdings include Meta, Alphabet, Amazon, Nvidia, and Microsoft, along with significant stakes in JPMorgan Chase, Walmart, Eli Lilly, and Coca-Cola. U.S. stocks account for nearly 40% of the fund’s equity investments.
Despite ups and downs in global markets caused by trade and economic worries, the fund performed better than expected. Capital inflows during the period totaled 81 billion kroner after costs.
Earlier this year, NBIM announced plans to invest $543 million in a Manhattan office tower, expanding its real estate footprint. The fund faced issues with the U.S. after Norway limited some investments linked to Israel, which drew criticism from Washington.
Overall, the fund’s strong results show Norway’s skill in handling risks and taking advantage of global market changes.