Norway’s Wealth Fund Trims Stakes in Major US Tech Stocks

Norway’s sovereign wealth fund lowered its holdings in several major US technology companies in the second half of 2025, according to its latest portfolio disclosure.  

Norges Bank Investment Management (NBIM), which manages the fund, reduced its stake in Nvidia Corp. to 1.26% from 1.32% and cut its Microsoft Corp. holding to 1.26% from 1.35%. Apple Inc. remained the fund’s second-largest equity investment, followed by Alphabet Inc. and Amazon.com Inc. among the top positions by value. 

Portfolio Simplification Across Markets 

The fund, which owns more than 1.5% of all listed companies globally, reduced its exposure to over 1,000 companies during the 6 months to year-end 2025. By the end of the period, it held shares in 7,201 companies across 60 countries.  

It exited equity markets in Moldova, Iceland, Croatia and Estonia, while adding new exposure to Jordan and Panama as part of its portfolio adjustments. 

Asset Allocation and Bond Investments 

Around 53% of the fund’s total investments are in the United States across equities, fixed income and other asset classes.  

In bonds, the largest holdings were US Treasuries, Japanese government bonds and German bunds. The fund also invests in real estate and renewable infrastructure, with all assets held outside Norway. 

Investment Mandate and Risk Assessment 

Founded in the early 1990s, the fund invests in line with a benchmark index set by Norway’s finance ministry, which limits the scope for active deviations.  

A government-appointed panel recently advised the fund to improve preparedness for geopolitical and policy risks, including tariffs, financial sanctions and trade controls, amid a shifting global environment. 

Read More: Tesla To Invest $20 Billion In 2026 As It Shifts Focus To AI, Robotics, And Autonomous Vehicles! 

Conclusion 

The latest filings show small reductions in major US technology holdings and a broader reduction in the number of companies held, while the fund continues to maintain substantial exposure to US assets and global bond markets. 

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