The world’s largest sovereign wealth fund reported a whopping $40 billion loss last quarter
Norway’s $1.7 trillion sovereign wealth fund shed ~$40 billion, or 0.6% of its overall value, during the tumultuous first quarter of 2025, mostly owing to drops across its vast tech stock portfolio.
“The quarter has been impacted by significant market fluctuation,” Nicolai Tangen, CEO of Norges Bank Investment Management, the operator of the fund, shared in a statement. “Our equity investments had a negative return, largely driven by the tech sector.”
Because much of Norway’s wealth pot is tied to benchmark indexes, the world’s largest single investor is deep into companies like Apple, Microsoft, and Nvidia, holding about $150 billion worth of those companies combined at the end of last year. While that sort of heavy investment has kept it in good stead for years, the first quarter’s tech rout caused the value of its stock portfolio, which makes up 70% of its total assets, to sink 1.6% across Q1.
The fund’s market losses offset gains elsewhere, with fixed-income investments (mostly government-issued bonds) up 1.6% for the quarter, while investments in unlisted real estate returned 2.4% in the same period.
“The quarter has been impacted by significant market fluctuation,” Nicolai Tangen, CEO of Norges Bank Investment Management, the operator of the fund, shared in a statement. “Our equity investments had a negative return, largely driven by the tech sector.”
Because much of Norway’s wealth pot is tied to benchmark indexes, the world’s largest single investor is deep into companies like Apple, Microsoft, and Nvidia, holding about $150 billion worth of those companies combined at the end of last year. While that sort of heavy investment has kept it in good stead for years, the first quarter’s tech rout caused the value of its stock portfolio, which makes up 70% of its total assets, to sink 1.6% across Q1.
The fund’s market losses offset gains elsewhere, with fixed-income investments (mostly government-issued bonds) up 1.6% for the quarter, while investments in unlisted real estate returned 2.4% in the same period.
