A view of Oslo seen from the roof of the Oslo Opera House in Oslo, Norway, on Thursday, Oct. 21, 2021. Norway's $2 trillion sovereign wealth fund made $247 billion in 2025, its management team said Thursday, thanks to rallying tech, financial and mining stocks. Equities, which make up about 71% of the fund's investments, returned 19.3% last year. Outside equities, NBIM's fixed income investments returned 5.4% in 2025, while unlisted real estate returned 4.4%. Its renewable energy infrastructure holdings returned 18.1% last year.