NORGES BANK

Norges Bank Investment Management, the $935 billion sovereign wealth fund of Norway, held its top fifteen positions valued at roughly $364 billion as of mid-2025, confirming a pronounced tilt toward U.S. mega-cap technology that has defined the fund's risk posture over the past decade. NVIDIA emerged as the single largest equity holding, climbing to roughly $62.2 billion and 6.7% of the portfolio from about $43.5 billion a year earlier, in a bet on the AI hardware cycle that outpaced all other position changes. Apple and Microsoft held firm in second and third place at approximately $52.3 billion and $50.7 billion respectively, with both names accumulating additional capital over the year and together accounting for more than eleven percent of the total equity book. Amazon, Alphabet's Class A and Class C shares, Meta Platforms, Broadcom, and Tesla completed the top ten, collectively giving the fund extraordinarily high exposure to the technology and consumer discretionary growth engines that have driven U.S. index returns. Behind these headline positions, JPMorgan Chase at roughly $11.4 billion represented the fund's primary financials stake, while Exxon Mobil and Johnson & Johnson evidenced a persistent core allocation to energy and healthcare that buffers the tech-heavy concentration. Berkshire Hathaway and Mastercard were new entries into the leading positions during the period, suggesting the fund's research team sees durable competitive moats beyond the canonical FAANG roster. For a sovereign mandate whose Investment Management arm must balance long-horizon intergenerational equity against the deep liquidity constraints of managing a trillion-dollar scale, the portfolio read as a continued vote of confidence in U.S. technology leadership alongside a deliberately limited diversifier tier of value, energy, and financial names.