Norway's Wealth Fund Achieves 6.4% Return in Q2 Amid Global Stock Market Gains

Norway's $1.9 trillion sovereign wealth fund earned a 6.4% return in Q2, driven by strong global stock market gains. The fund, which owns 1.5% of all listed stocks globally, increased investments in companies like Nvidia, Apple, and Tesla, while reducing positions in Microsoft, Alphabet, and several major oil companies. The fund's size means it focuses on long-term, broad diversification, with over half of its portfolio in the US and just under a third in Europe.

Title: Norway's Sovereign Wealth Fund Posts Mixed Results in Q2 2025

Norway's $1.9 trillion sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), reported a 6.4% return for the second quarter of 2025, driven by strong global stock market gains. The fund, which owns 1.5% of all listed stocks globally, increased investments in companies such as Nvidia, Apple, and Tesla, while reducing positions in Microsoft, Alphabet, and several major oil companies. The fund's size means it focuses on long-term, broad diversification, with over half of its portfolio in the US and just under a third in Europe.

The quarterly performance was slightly below the fund's benchmark index by 5 basis points. The fund's equity investments, which account for more than two-thirds of its total assets, saw a significant return of 8.45%, driven by gains in the financial sector and tech companies such as Apple Inc., Microsoft Corp., Nvidia Corp., Alphabet Inc., Amazon.com Inc., and Meta Platforms [1]. The fund's fixed income and unlisted real estate investments also contributed positively to the results, with returns of 8.1% and 4.0%, respectively. However, a stronger Norwegian Krone weighed on the fund's overall value, leading to a decrease of 0.8% to $1.9 trillion at the end of the period [1].

The fund's performance in Q2 2025 was mixed, with equity investments providing a significant boost to the fund's overall return. The fund's continued focus on ethical considerations and its response to the Israeli conflict highlight its commitment to responsible investing. Nicolai Tangen, the CEO of NBIM, acknowledged the fund's delayed response in taking back management of those holdings and stated that he has no plans to step down as CEO [1].

References:
[1] https://finance.yahoo.com/news/norway-1-9-trillion-fund-065008126.html
[2] https://www.marketscreener.com/news/norway-wealth-fund-posts-68-billion-profit-for-january-june-lifted-by-finance-stocks-ce7c5ed3dd8af722
[3] https://apnews.com/article/norway-oil-fund-sells-shares-israeli-companies-5a754bfd108e8b04c00ffcfeca57fc9e
[4] https://www.middleeasteye.net/news/norway-sovereign-fund-drops-investments-11-israeli-companies