Norway's Sovereign Wealth Fund Put $935 Billion Into U.S. Equities in Q4 2025 — NVDA at 6.66% Leads 1,577 Positions
Norges Bank's Q4 2025 13F reveals $935B in U.S. equity holdings with NVDA at 6.66% — the highest NVDA weight among sovereign wealth funds. The fund grew 7.4% QoQ with just 1,577 concentrated positions.
Norges Bank, manager of Norway’s Government Pension Fund Global (the world’s largest sovereign wealth fund), filed its Q4 2025 13F revealing $935 billion in U.S. equity holdings across 1,577 positions.
TL;DR
- Total U.S. equity AUM: $935 billion (up 7.4% from $870B in Q3)
- Positions: 1,577 — highly concentrated for a $935B portfolio
- Top holding: NVIDIA (NVDA) at $62.2B (6.66%)
- #2-3: AAPL $52.3B (5.59%), MSFT $50.7B (5.42%)
- NVDA overweight: 6.66% — the highest among sovereign wealth funds
- YoY AUM growth: +22.7% from $762B in Q4 2024
- Average position: $593M per holding — no small-cap tail
Norges Bank (Norway) Top 10 U.S. Holdings — Q4 2025 ($B)
The World’s Largest Sovereign Investor in U.S. Stocks
Norway’s Government Pension Fund Global (GPFG) manages over $1.7 trillion in total assets globally. The $935 billion shown in the 13F represents only the U.S. equity sleeve — roughly 55% of the total fund.
With 1,577 positions and an average position size of $593 million, Norges Bank runs one of the most concentrated large portfolios. There’s no long tail of micro-cap positions here.
Top Holdings
| Rank | Ticker | Value | Weight |
|---|---|---|---|
| 1 | NVDA | $62.2B | 6.66% |
| 2 | AAPL | $52.3B | 5.59% |
| 3 | MSFT | $50.7B | 5.42% |
| 4 | AMZN | $32.9B | 3.52% |
| 5 | GOOGL | $30.5B | 3.27% |
| 6 | AVGO | $24.3B | 2.59% |
| 7 | META | $22.2B | 2.37% |
| 8 | GOOG | $18.1B | 1.94% |
| 9 | TSLA | $17.1B | 1.83% |
| 10 | LLY | $13.0B | 1.39% |
The NVDA weight of 6.66% is notably above index weight (6.1-6.2%), making Norges Bank one of the few non-Fidelity mega-managers running an NVDA overweight. Berkshire Hathaway (BRK/A) at $7.8B (#12) is a distinctive holding for a sovereign fund.
Norges Bank U.S. Equity AUM (2024-2025)
Growth Trajectory: From $328B to $935B in Six Quarters
Norges Bank’s U.S. equity allocation has nearly tripled from $328B (Q3 2024) to $935B (Q4 2025). However, Q3 2024 and Q1 2025 show anomalous data (the fund’s reporting cadence differs from U.S. managers), so the cleanest comparison is Q4 2024 ($762B) to Q4 2025 ($935B) — a 22.7% increase.
What Analysts Might Misread
“Norway is bullish on U.S. tech.” The fund’s mandate is to track a broad equity benchmark with modest active tilts. The high NVDA weight reflects market-cap growth more than active conviction, though the 0.5pp overweight suggests some deliberate lean.
“1,577 positions is small.” For $935B, it’s the right concentration level. Each position averages $593M. The fund targets mid-to-large cap liquid names, not the full investable universe.
How much does Norway’s sovereign fund invest in U.S. stocks?
The Q4 2025 13F shows $935 billion in U.S. equity holdings, representing approximately 55% of the fund’s total ~$1.7 trillion global portfolio.
What is Norges Bank’s biggest U.S. stock holding?
NVIDIA (NVDA) at $62.2 billion and 6.66% weight — the highest NVDA allocation among sovereign wealth funds.
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