FOLKETRYGDFONDET

Folketrygdfondet — Norway's sovereign wealth fund for pension insurance — ended March with $5.6 billion in U.S.-listed 13F assets, up from $4.3 billion at year-end 2025, yet the book's character changed significantly beneath that headline increase. The most consequential new configuration is that the portfolio is now essentially an energy-and-maritime vehicle in a structure most investors probably associate with a broad-diversification sovereign fund. Equinor, the Norwegian integrated oil and gas major, became the portfolio's dominant position at $3.95 billion and 70% of assets — a dilute stake so large relative to the total book that the portfolio's sector exposure is functionally unhedged. The increase in Equinor's weighting from 63.9% to 70% was driven partly by new purchases through Q1 and partly by the price appreciation in oil and gas equities across that same period. At the same time, several of the prior-quarter maritime positions were mildly trimmed — Cadeler lost about 6% of shares, Frontline was cut by 11% in share count — while the smaller positions in BW LPG (+23%), Oculis (+75%), and TORM (+20%) were increased, making clear that the maritime freight and gas-shipping element of the portfolio remains intact as a complementary holding to the energy core. Novo Nordisk is the only meaningful non-energy sector bet currently on the roster at $334 million, a modestly reduced position that reflects the weight-loss-drug pharmaceutical heavyweights' own stock-price correction through early 2026. Nokia at $108 million and CMB Tech at $35 million round out a Technology slice that is present but small relative to the Energy and Shipping combined weight. The portfolio is worth noting precisely because of how narrow it has become: 70%+ Energy, 7.7% Shipping, 7.7% Healthcare, barely 3.5% Technology. That sector concentration is not accidental in a fund whose mandate and return expectations are built around the long-term value of Norway's petroleum sector — but it means that oil-price movements explain substantially all of the portfolio's near-term return behavior.