Big Tech and banking stocks helped Norway's $2 trillion wealth fund book a $250 billion profit in 2025

• U.S. technology stocks were the biggest contributors to returns, with nearly 40% of the fund invested in U.S. equities including major holdings like 1.3% stakes in Microsoft and Nvidia, and 1.2% in Apple
• The fund's equity investments returned 19.3%, while unlisted renewable energy infrastructure generated 18.1% gains following investments in projects like Germany's largest electricity grid
• NBIM has begun using AI (Anthropic's Claude model) to screen investments for ethical issues after suspending its ESG assessment processes following White House pressure over its Caterpillar divestment related to the West Bank conflict

Summary

Key Performance Metrics:

Norway's sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), generated a $248 billion profit in 2025, achieving a 15.1% annual return. The fund's total value reached $2.2 trillion by year-end, up from $2.08 trillion in 2024. Performance came in 0.28 percentage points below its benchmark index.

Portfolio Composition and Returns:

• Equities (71% of fund, $1.6 trillion): returned 19.3%, led by U.S. technology stocks
• Fixed income (26%, $594 billion): gained 5.4%
• Unlisted renewable energy infrastructure: delivered 18.1% return
• Unlisted real estate: rose 4.4%

Major Holdings:

The fund holds stakes in over 7,200 companies across 60 countries, representing approximately 1.5% of global publicly listed stocks. Nearly 40% of investments are in U.S. equities, with significant positions including 1.3% stakes in major technology firms and 1.2% in key financial institutions.

Key Drivers:

CEO Nicolai Tangen attributed strong performance to robust global equity markets, particularly U.S. technology giants, solid corporate earnings, AI optimism, central bank rate cuts, and gains in the financial sector. The fund also made strategic renewable energy investments, including Germany's largest electricity grid.

Technology Integration:

NBIM announced it has begun using Anthropic's Claude AI model (introduced late 2024) to screen investments for ethical and ESG issues, modernizing its compliance processes despite temporarily suspending ESG assessments following political pressure over its Caterpillar divestment related to West Bank operations.