Norway’s $2 trillion oil fund, the largest of its kind, generated an annual profit of about $248 billion last year, with strong gains in global equities driving a 15.1% return.
Norges Bank Investment Management (NBIM) manages the fund, which was set up in the 1990s to invest revenues from Norway’s oil and gas industry, on behalf of the Norwegian population. It’s an investor in more than 7,200 companies across 60 countries and has stakes in around 1.5% of the world’s publicly listed stocks.
The fund’s value stood at around $2.2 trillion at the end of 2025, up from about $2.08 trillion a year earlier.
The fund generated a 2.36 trillion Norwegian kroner, or $248 billion, gain last year, or 15.1%. That was 0.28 percentage points, or 50 billion kroner, lower than its benchmark index’s performance.
In a statement, NBIM CEO Nicolai Tangen highlighted a “strong upturn” in global equities, with U.S. technology the biggest contributor, along with financials, as the portfolio weathered U.S. tariff increases. He also highlighted “positive developments” in renewables infrastructure investments.
