Norway’s sovereign wealth fund saw strong performance in equities and energy infrastructure in 2025. The Government Pension Fund Global, managed by Norges Bank Investment Management, reported a 15.1% return last year, with fund assets reaching 1.526 trillion kroner ($2.228 trillion). The fund’s return was 28 basis points lower than its benchmark index, according to an NBIM statement released Thursday. “The fund delivered very strong results in 2025,” NBIM CEO Nicolai Tangen said in a statement. Because of the size of the allocations to different market sectors, technology stocks returned 864 billion kroner to the fund, followed by financials (675 billion kroner), industrials (312 billion kroner) and consumer discretionary (151 billion kroner).