Norway’s $1.8 trillion sovereign wealth fund, the world’s largest, posted a record annual profit of 2.51 trillion crowns ($222 billion) in 2024, surpassing its previous high of 2.2 trillion crowns in 2023. The strong performance was largely driven by surging U.S. technology stocks.
“The American technology stocks in particular performed very well,” said Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), which manages the fund.
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The fund, built from Norway’s oil and gas revenues, is one of the world’s largest investors, holding about 1.5% of all publicly listed stocks globally. By the end of 2024, nine of its ten largest equity holdings were tech companies, with Apple, Microsoft, and Nvidia leading the portfolio.
Despite its strong returns, the fund’s 2024 investment performance of 13% was 0.45 percentage points below its benchmark index. Equity investments delivered an 18% return, while fixed income gained 1%. However, unlisted real estate and renewable energy infrastructure underperformed, returning -1% and -10%, respectively.
At year-end, the fund’s portfolio allocation stood at 71.4% in equities (up from 70.9% in 2023), 26.6% in bonds (down from 27.1%), 1.8% in unlisted real estate, and 0.1% in renewable infrastructure.
The fund received 402 billion crowns in inflows from the Norwegian state in 2024, significantly lower than the 2022 record of nearly 1.1 trillion crowns.
