Norway’s sovereign wealth fund saw strong performance in equities and energy infrastructure in 2025. The Government Pension Fund Global, managed by Norges Bank Investment Management, reported a 15.1% return last year, with fund assets reaching 1.526 trillion kroner ($2.228 trillion).
The fund’s return was 28 basis points lower than its benchmark index, according to an NBIM statement released Thursday.
“The fund delivered very strong results in 2025,” NBIM CEO Nicolai Tangen said in a statement. “Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return.”
The fund allocated 71.3% of its assets to publicly listed equites, 26.5% to fixed income and 1.7% to real estate. NBIM also manages a portfolio of unlisted renewable energy infrastructure, accounting for 0.4% of the total portfolio.
NBIM’s equity portfolio returned 19.3%, while fixed income and unlisted real estate yielded 5.4% and 4.4%, respectively. The fund’s renewable energy infrastructure portfolio—which includes wind and solar farms—returned 18.1% last year.
Within the fund’s equity portfolio, the basic materials sector performed the best, with a 40.9% return, followed by financials (32%), telecommunications (32%), and technology (28.5%). Because of the size of the allocations to different market sectors, technology stocks returned 864 billion kroner to the fund, followed by financials (675 billion kroner), industrials (312 billion kroner) and consumer discretionary (151 billion kroner).
In a press conference announcing the fund’s 2025 returns, NBIM presented several stress testing risk scenarios which could negatively impact the performance of the fund in the future. In one scenario, the fund projected a market correction in the artificial intelligence sector—if the productivity gains of AI were not realized—that could result in a 37% fall in the fund’s value.
 |
Norway Pension Giant’s ‘Ethical’ Investment Policy Placed on Hold by Parliament |
 |
NBIM Returns 5.8% in Q3, Driven by Materials, Telecom, Financials |
 |
NBIM Touts Governance, Activism Track Record in 2024 |