The Norwegian Sovereign Wealth Fund, valued at a staggering $2.2 trillion, has announced a reduction in its holdings in some of the largest US technology companies. According to a recently published investment report, the fund, managed by Norges Bank Investment Management, decreased its stakes in key tech giants, including Nvidia, Apple, Microsoft, and Alphabet, during the second half of 2025.
Decrease in Major Tech Investments
By the end of 2025, the fund’s stake in Nvidia dropped to 1.26% from 1.32% in June, while its ownership in Microsoft decreased from 1.35% to 1.26%. Despite these reductions, Nvidia and Microsoft remain among the fund’s five largest investments by value, alongside Alphabet and Amazon, with Apple securing the second position in the portfolio.
Portfolio Restructuring on a Global Scale
The Norwegian fund, which owns approximately 1.5% of all publicly listed companies worldwide, undertook significant restructuring by reducing investments in over 1,000 companies during the last six months of 2025. The total portfolio now includes 7,201 companies across 60 countries. As part of its strategy to simplify its investments, the fund exited equity markets in Moldova, Iceland, Croatia, and Estonia, while expanding into new markets like Jordan and Panama.
The fund’s bond portfolio is heavily weighted toward US Treasury bonds, followed by Japanese and German government bonds. Overall, the fund allocates around 53% of its investments to the United States, reflecting a strong focus on the world’s largest economy.
Geopolitical Risks and Strategic Adjustments
A government-appointed advisory committee recently warned the fund to prepare for increasing geopolitical risks. The committee highlighted the growing use of economic tools such as tariffs, financial sanctions, and trade restrictions to achieve political goals. These warnings come amidst criticism from US Republican lawmakers last year after the fund fully divested its shares in Caterpillar, a major American industrial equipment manufacturer.
A Legacy of Responsible Investment
Norges Bank Investment Management was established in the early 1990s, managing the wealth fund under guidelines set by Norway’s Ministry of Finance. These guidelines limit its ability to make aggressive investment moves. The fund’s portfolio spans equities, fixed income, real estate, and renewable energy infrastructure, with all investments made outside of Norway.
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