Norway’s $2 trillion sovereign wealth fund posted a record $1.4 billion return in 2025, its management team said Thursday, thanks to rallying tech, financial and mining stocks.
By the end of last year, the fund’s total value stood at 21.27 trillion Norwegian kroner ($2.2 trillion). Over the course of 2025, the fund returned 13,456.8 billion kronor, or $1.38 billion — its highest annual return since its inception in the 90s.
The overall return was 0.28 percentage points lower than the return on its benchmark index.
Equities, which make up about 71% of the fund’s investments, returned 19.3% last year.
Norges Bank Investment Management (NBIM) manages the fund on behalf of the Norwegian population. Set up in the 1990s to invest excess revenues from Norway’s oil and gas industry, the fund is currently an investor in more than 7,000 companies across 60 countries.
