Inside Norway's $935B US Equity Portfolio: Norges Bank Q4 2025

Sovereign Scale

Norges Bank Investment Management (NBIM) manages the world's largest sovereign wealth fund. Their Q4 2025 US equity book: $934.76B.

Top Holdings

NVIDIA:    $62.2B
Apple:     $52.3B
Microsoft: $50.7B
Total top-3: ~$165B

The fund owns meaningful stakes in nearly every large-cap US stock.

How Sovereign Funds Differ

Unlike hedge funds:

• Time horizon: Decades, not quarters
• Mandate: Broad market exposure with tactical overweights
• Turnover: Very low
• Transparency: Quarterly 13F + annual position-level disclosure

The Tech Overweight

NVIDIA + Apple + Microsoft = $165B = 17.6% of the portfolio.

For a fund this size, that is significant concentration. It reflects both market-cap weighting and deliberate overweight in AI/tech infrastructure.

Beyond Tech

JPMorgan Chase ($11.4B), Berkshire Hathaway ($7.8B), ExxonMobil ($7.6B) show the diversified base.

Full analysis: https://13finsight.com/research/norges-bank-q4-2025-935b-sovereign-wealth-nvidia-apple?utm_source=devto&utm_medium=social&utm_campaign=article_ops_0318

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Originally published at 13finsight.com