The world's largest sovereign fund has cut stakes in U.S. bigtechs

Norway's $2.2 trillion state pension fund (aka Oil Fund), the world's largest sovereign wealth fund and the largest holder of public company shares, has cut stakes in the four largest U.S. technology companies in the second half of 2025, according to updated portfolio data on its website.

Norges Bank Investment Management (NBIM), which manages the Norwegian sovereign fund, reduced its stakes in Nvidia from 1.32% to 1.26% and cut its investment in Microsoft from 1.35% to 1.26%, Seeking Alpha notes. NBIM also reduced its stakes in Apple and Alphabet, the portal notes, without specifying how significant the reduction was. All four U.S. bigtechs, meanwhile, remain among the fund's most valuable investments, follows from information on the website of the Norwegian pension fund. In particular, NBIM's investments in Nvidia are estimated at NOK 573.8 billion ($60.4 billion), in Apple - NOK 496.5 billion ($52.2 billion), in Microsoft - NOK 458.5 billion ($48.2 billion), in Alphabet - NOK 439.3 billion ($46.2 billion).

Overall, U.S. investments including stocks, bonds and real estate accounted for 52.9% of the fund's assets at the end of 2025, compared with 52.4% six months earlier, Seeking Alpha notes. NBIM deputy CEO Trond Grande said the 10 largest positions account for about 20% of the fund's total equity portfolio, Bloomberg reports . These include Amazon, TSMC, Broadcom, Meta and Tesla, in addition to the companies already mentioned.

In total, the fund owns about 1.5% of all publicly traded shares in the world, with securities of about 7,200 companies, Bloomberg said, emphasizing that this makes the fund the world's largest sovereign wealth fund.

In addition, on January 29, it became known that the Norwegian sovereign wealth fund showed at the end of 2025 the best return for the last two years - mainly due to the growth of shares of technology and financial companies, as well as the rally in the gold and silver markets, which supported the sector of basic materials, writes Bloomberg.

In 2025, the value of NBIM's investments grew by 15.1%, boosted by a 19.3% rise in equities and the positive performance of other asset classes. At the same time, NBIM's return on its own target (the Norwegian Ministry of Finance's benchmark index) was 28 basis points lower than expected - the third consecutive year the fund has recorded such a result.

"The commodities sector [last year] was particularly strong," NBIM CEO Nikolai Tangen told reporters commenting on the fund's performance. - 'We saw what was happening with metal prices - gold, silver, copper and others - and that was the key driver,' he said." he said. Also performing well within the fund last year, he estimates, was the financial sector, while real estate was "the weakest segment".

In 2025, the return on the fund's bond portfolio was 5.4%, illiquid real estate - 4.4%, and investments in renewable energy infrastructure showed an increase of 18.1%. The fund's largest bond positions remain U.S. Treasury securities, Japanese government bonds and German bunds, Bloomberg points out.

The value of the fund rose by NOK 1.5 trillion ($160 billion) in 2025 to reach NOK 21.3 trillion ($2.2 trillion) by the end of the year, the agency said.

This article was AI-translated and verified by a human editor