An IMGlobalWealth.com News Report
Norway’s sovereign wealth fund, the world’s largest, continues to anchor its portfolio in American technology giants despite a volatile geopolitical backdrop shaped by tensions involving Iran, Europe and the United States.
Managed by Norges Bank Investment Management (NBIM), the fund has grown to roughly $2.2trn in assets, reflecting decades of reinvested oil and gas revenues. It owns stakes in more than 7,000 companies across around 60 countries and holds roughly 1.5% of all listed equities globally.
“even in an era of geopolitical fragmentation, scale, diversification and exposure to dominant global technology firms remain central to preserving and growing national wealth”
At the core of its equity exposure lies a heavy weighting towards the United States, which accounts for about 40% of the portfolio. The fund’s largest individual holdings include Nvidia, Apple and Microsoft – each representing roughly 1.2% to 1.3% stakes – underscoring its continued conviction in big tech as a driver of long-term returns.
This positioning has paid off. In 2025, the fund reported profits of approximately 2.36 trillion Norwegian kroner (around $247bn), supported largely by a rally in global equities, particularly US technology stocks linked to artificial intelligence. Listed equities, which account for more than 70% of the portfolio, delivered the strongest returns, while bonds and real assets provided more modest gains.
Yet the strategy unfolds against a complex geopolitical landscape. Rising tensions in the Middle East, particularly involving Iran – alongside shifting US and European economic policies, have heightened market uncertainty. Despite this, NBIM has largely resisted short-term repositioning, maintaining a long-term, diversified investment approach.
The fund also continues to balance financial returns with ethical considerations. It has previously divested from companies over governance and human-rights concerns, reflecting its mandate to integrate environmental, social and governance (ESG) factors into investment decisions.
For NBIM, the message is clear: even in an era of geopolitical fragmentation, scale, diversification and exposure to dominant global technology firms remain central to preserving and growing national wealth.
