Norway's $935B Sovereign Wealth Fund Keeps Loading NVIDIA and Apple: Inside Norges Bank's Q4 2025 13F

Norway's Government Pension Fund Global — the world's largest sovereign wealth fund — doesn't whisper about its U.S. equity bets. It files them. And Norges Bank's Q4 2025 13F is a masterclass in sovereign-scale conviction: $934.76 billion across 1,577 positions, anchored by a $62.2 billion bet on NVIDIA.

When a fund backed by an entire nation's oil wealth keeps adding to the same names quarter after quarter, the rest of the market should pay attention.

TL;DR

• AUM: $934.76B across 1,577 positions — one of the largest 13F portfolios on record
• Top 3: NVIDIA ($62.2B, 7.2%), Apple ($52.3B, 6.0%), Microsoft ($50.7B, 5.8%)
• Concentration: Top-5 = 26.3% of portfolio; Top-10 = 37.2%
• WhaleScore: 74.25 — high institutional influence
• Trend: AUM has grown from ~$669B (Q2 2024) to $935B in 18 months

Filing Snapshot

Metric	Value
Filer	Norges Bank (CIK: 0001374170)
Report Date	Q4 2025 (December 31, 2025)
Total AUM (13F)	$934.76B
Positions	1,577
WhaleScore	74.25
Top-1 Concentration	7.2% (NVIDIA)
Top-10 Concentration	37.2%

NVIDIA Leads the Charge at $62.2 Billion

NVIDIA holds the crown position at $62.2 billion — 7.2% of the entire portfolio. For a sovereign wealth fund managing nearly $1 trillion in U.S. equities alone, that's a staggering single-stock commitment. It tells you Norges Bank's investment committee sees the AI infrastructure buildout as a multi-year, structural trend worth the concentration risk.

Apple ($52.3B, 6.0%) and Microsoft ($50.7B, 5.8%) round out the top three. Together, these three names alone account for nearly $165 billion — roughly 19% of the portfolio. That's more than the total AUM of most large hedge funds.

The rest of the top five — Amazon ($32.9B, 3.8%) and Alphabet's GOOGL class ($30.5B, 3.5%) — complete a top-5 that commands 26.3% of the fund. This is notably more concentrated than you'd expect from a sovereign wealth fund, but Norges Bank has never been shy about following conviction at scale.

The Tech Megacap Backbone

Beyond the top 5, the tech concentration continues: Broadcom ($24.3B), Meta ($22.2B), Alphabet's GOOG class ($18.1B), and Tesla ($17.1B) fill positions 6 through 9. Together, the top 10 holdings represent 37.2% of AUM — and every single one is a technology or tech-adjacent name.

This isn't an accident. Norway's fund has long argued that indexing the global economy means owning the companies reshaping it. When AI, cloud computing, and digital advertising drive the lion's share of U.S. corporate profit growth, you end up with a portfolio that looks tech-heavy but is actually market-weight.

Beyond Tech: The Non-Obvious Picks

Dig past the top 10 and you find a sovereign wealth fund that also operates like a diversified index. Some standouts:

• JPMorgan Chase ($11.4B, 1.3%): The largest financial sector holding — a bet on the U.S. banking system's profitability cycle.
• Berkshire Hathaway ($7.8B, 0.9%): A fund-of-funds play via BRK/A — effectively outsourcing capital allocation to Buffett's team.
• ExxonMobil ($7.6B, 0.9%): Interesting for a fund financed by oil revenue. Norges Bank is essentially doubling down on its home industry exposure through U.S. equities.
• Johnson & Johnson ($6.9B, 0.8%): A classic defensive healthcare pick that adds stability at this portfolio's scale.
• Walmart ($6.5B, 0.7%) and Micron ($6.4B, 0.7%): Consumer staples meets semiconductor memory — showing Norges Bank covers both the mundane and the cutting-edge.

AUM Trajectory: From $669B to $935B

Norges Bank's reported U.S. equity AUM has surged dramatically. Looking at the even-quarter filings (which best represent the fund's actual positions):

The trajectory tells a clear story: aggressive accumulation of U.S. equities. The fund has added roughly $265 billion in U.S. equity value over the past 18 months — a combination of market appreciation and net buying. At this rate, Norges Bank could breach $1 trillion in U.S. equities within the next few quarters.

Note: Some quarters show lower or zero AUM values due to filing timing and reporting cadence. Even-quarter filings provide the most consistent picture of the fund's actual allocation.

Q&A

Why does a Norwegian sovereign wealth fund hold so many U.S. stocks?

The Government Pension Fund Global invests globally, and the U.S. represents the world's largest and most liquid equity market. Norges Bank's 13F captures only the U.S.-listed portion of a fund that also holds European, Asian, and emerging market equities, plus fixed income and real estate.

Does the 7.2% NVIDIA allocation concern you?

For a fund this size, 7.2% in a single stock is significant. But NVIDIA's weight in the S&P 500 itself is comparable, so Norges Bank may simply be tracking near-market-weight exposure. The key question is whether they're overweight vs. the benchmark — and they likely are, modestly.

How does Norges Bank compare to other sovereign wealth funds?

Few sovereign wealth funds file 13Fs because most don't hold enough U.S.-listed equities to trigger the $100M reporting threshold. Norges Bank is unique in its scale and transparency. Abu Dhabi's ADIA and Singapore's GIC also hold significant U.S. equities but with less public disclosure.

What to Watch

• $1 Trillion threshold: At this pace, Norges Bank's U.S. equity portfolio could cross $1T by mid-2026
• NVIDIA concentration: Will the fund trim its largest position, or does AI conviction hold?
• Energy sector dynamics: The XOM position creates an interesting hedge for a petroleum-funded entity
• Micron's $6.4B bet: A non-obvious pick that could signal semiconductor memory conviction beyond NVIDIA

Track the full portfolio and quarterly changes on Norges Bank's filer page.