The return was led by equities, which rose by 6.7%.

Norway’s sovereign wealth fund returned 5.7 per cent and slightly missed its target in the first six months of 2025. 

The US$1.9 trillion fund’s return was led by equities, which rose by 6.7 per cent, Norges Bank Investment Management said in a report on Tuesday (Aug 12). The fund missed the benchmark it measures itself against by 5 basis points, it said.

“The result is driven by good returns in the stock market, particularly in the financial sector,” chief executive officer Nicolai Tangen said.

A stronger currency weighed on the fund, contributing to a drop in its overall value by 0.8 per cent to US$1.9 trillion.

Norway’s wealth fund, the world’s largest, owns about 1.5 per cent of listed stocks globally. More than two thirds of the fund is in equities, all outside of Norway. A big chunk of its holdings are in the US, including tech companies such as Apple, Microsoft, Nvidia, Alphabet, Amazon.com and Meta Platforms. 

Founded in the early 1990s, NBIM invests the Nordic country’s oil and gas revenues abroad for the benefit of future generations. It follows a benchmark index set by the finance ministry and has limited scope for active investing.