(Jan 29): Norway’s US$2.2 trillion sovereign wealth fund trimmed its stakes in the biggest US tech firms, including its top holding Nvidia Corp in the second half of 2025, according to a newly published list of holdings.
By year-end, Norges Bank Investment Management (NBIM), which oversees the fund, had trimmed all of its top four tech holdings, which also included Apple Inc, Microsoft Corp and Alphabet Inc.
It cut its stake in chip powerhouse Nvidia to 1.26% from 1.32% between the end of June and year-end, while it reduced its holding in Microsoft to 1.26% from 1.35%. The two companies are still among the fund’s top-five most valuable investments, followed by Alphabet and Amazon.com Inc. Apple is the No. 2 investment.
The fund, which holds about 1.5% of all listed companies globally, cut more than 1,000 companies in the last six months of 2025, reducing the total number to 7,201 across 60 countries, in line with a strategy to simplify its portfolio. The fund exited the stock markets of Moldova, Iceland, Croatia and Estonia, while adding Jordan and Panama.
Its biggest bond holdings were US Treasuries, Japanese government bonds and German bunds. Across all asset classes, it has about 53% of all of its investments in the US.
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A government-appointed advisory panel warned earlier this week that the wealth fund has to raise its preparedness to handle growing geopolitical risks. On top of growing evidence of instruments such as tariffs, financial sanctions and trade controls being used to achieve geopolitical goals, the fund also drew the ire of several US Republican lawmakers when it sold out of Caterpillar Inc last year.
Founded in the early 1990s, NBIM invests in line with a benchmark index set by Norway’s finance ministry, and its scope for active moves is limited. Its portfolio spans equities, fixed income, real estate and renewable infrastructure, all outside Norway.
Uploaded by Liza Shireen Koshy
