Norway SWF

Norges Bank Investment Management

Portfolio Total: $1.88 trillion (2024 end). It was USD 16 - 20 billion in 1998, USD 88 billion in 2005, 20 years ago. 

• Equities: $1.34 trillion 71.4%  8659 companies 63 countries
• Fixed income: $499 billion 26.6% 1507 bonds, 49 countries
• Real estate: $34.5 billion 1.8% 910 investments 14 countries
• Renewable energy infrastructure: $2.41 billion  0.1% 4 countries, 7 investment.

Compared to some other model, they seem to manage a lot themselves. Direct investments in Equity and Debt in 70/30 ratio. 

The fund has a small stake in more than 8,500 companies across most countries and industries. On average, the fund holds 1.5 percent of all listed companies. This makes the fund the world's largest single investor.

The fund exists to help finance the Norwegian welfare state for generations to come. The fund's future value depends on sustainable growth, well-functioning markets and value creation at the companies we own.

As we own a small slice of most of the world's largest companies, we have the ability to influence how they operate. We aim to promote long-term value creation at the companies and minimise negative effects on the environment and society.

Built since 1996 as rainy-day savings, the fund owns about 1.5% of all listed stocks globally and has grown to almost four times the size of Norway's annual gross domestic product, far exceeding original projections.

Norway GDP is ~$483 billion.

Equities  - $ 1.34 trillion portfolio

It owns between 1.2 - 2% of some of the world's largest companies. For example, in Apple it holds 1.22% valued at $46 billion. Following are top 10 holding by market value.

Generally they hold less than 3% in any company. Only 2 companies they have more than 10%. (RE companies in UK and Germany).

Name	Market Value(NOK)	Market Value(USD)	Voting	Ownership
Apple Inc	524,827,595,616	46,210,392,003	1.22	1.22
Microsoft Corp	496,984,325,033	43,758,827,987	1.4	1.4
NVIDIA Corp	488,069,750,932	42,973,911,250	1.31	1.31
Alphabet Inc	332,448,846,184	29,271,691,564	0.88	1.26
Amazon.com Inc	306,413,500,828	26,979,313,029	1.17	1.17
Meta Platforms Inc	224,313,687,214	19,750,530,468	0.6	1.34
Broadcom Inc	189,807,727,430	16,712,325,272	1.54	1.54
Taiwan Semiconductor Manufacturing Co Ltd	174,541,122,608	15,368,120,434	1.8	1.8
Tesla Inc	161,402,245,046	14,211,259,233	1.1	1.1
Berkshire Hathaway Inc	107,702,764,241	9,483,089,298	1.49	0.49

Bonds - $499 billion portfolio

It owns US Govt Bonds of the value of $157 billion. Following are top 10 holdings

Name	Industry	Market Value(NOK)	Market Value(USD)	Incorporation Country
Government of United States of America	Index Linked Bonds/Treasuries	1,788,942,787,833	157,514,102,131	United States
Government of Japan	Index Linked Bonds/Treasuries	275,040,827,017	24,216,989,616	Japan
Government of Germany	Index Linked Bonds/Treasuries	267,331,209,631	23,538,167,762	Germany
Monetary Authority of Singapore	Treasuries	190,363,410,741	16,761,252,470	Singapore
United Kingdom Government	Index Linked Bonds/Treasuries	174,860,021,805	15,396,199,096	United Kingdom
Government of Canada	Index Linked Bonds/Treasuries	120,290,153,393	10,591,392,657	Canada
Government of France	Index Linked Bonds/Treasuries	96,875,539,714	8,529,766,161	France
Government of Italy	Government Related Bonds/Index Linked Bonds/Treasuries	92,413,030,675	8,136,848,004	Italy
Government of the Netherlands	Treasuries	78,867,877,927	6,944,214,797	Netherlands
European Union	Government Related Bonds	62,325,381,271	5,487,669,331	International Organisations

As to how the value grew like that. AI responses some following:

The Norwegian Sovereign Wealth Fund (SWF), officially known as the Government Pension Fund Global, experienced rapid growth primarily due to substantial oil and gas revenues from the North Sea and a prudent fiscal policy that mandates saving a large portion of these revenues. This policy, coupled with the fund's long-term investment strategy, has propelled it to become the world's largest SWF. 

Factor	Description
Resource Revenue Discipline	Transformed oil & gas surpluses into long-term financial assets
Governance & Ethics	Long-term, transparent, ethically grounded investment model
Diversified Portfolio	Global allocations across multiple asset classes with reliable returns
Compounding & FX	Returns reinvested over decades, boosted by favorable currency moves
Tech-Driven Surges	Recent outperformance in global equities, particularly tech stocks

In essence, Norway’s SWF growth is a textbook case of responsible fiscal management, strategic investment, and long-term vision. The sizeable scale of its growth—from USD 16 billion in 1998 to over USD 1.8 trillion today—underscores the success of that model.

In summary, understanding the contribution within the fund

• Since inception, Norway’s SWF has been seeded with roughly USD 485 billion in oil & gas cash flows.

• Investment gains (over USD 1 trillion) have outpaced even the petroleum inflows, but the resource cash was the foundation.

• High oil/gas price years (e.g., 2022–2023) generated over USD 100 billion in new inflows each year, supercharging growth.

• By 2024, the fund’s size exceeded USD 1.8 trillion—bigger than Australia’s GDP.

And here's the inflow from Petroleum/Gas compared with oil prices