Norway’s $2.2 Trillion Sovereign Wealth Fund Trims Stakes in U.S. Tech Companies

Norway’s $2.2 trillion sovereign wealth fund has reduced its holdings in several major U.S. technology companies during the second half of 2025, according to newly released portfolio data.

The fund, officially known as the Government Pension Fund Global (GPFG) and managed by Norges Bank Investment Management (NBIM), scaled back stakes in top U.S. tech stocks, including Nvidia, its largest equity holding. While the reductions are notable, these companies remain key components of the fund’s global equity portfolio.

Strategic Rebalancing

NBIM’s adjustments reflect a portfolio rebalancing strategy rather than a withdrawal from the sector. Other major U.S. tech names, including Microsoft, Apple, and Alphabet, also saw slight reductions. These moves aim to streamline the portfolio while maintaining diversified exposure across markets.

Despite trimming equities, the fund continues to have significant exposure to the U.S. market, which makes up over half of its total assets.

Shift Toward U.S. Treasuries

Alongside equity adjustments, NBIM increased its holdings of U.S. Treasury securities, which grew to around $199 billion by the end of 2025, up from $181 billion six months earlier. This reflects a cautious approach to balancing growth-oriented investments with lower-risk assets.

Long-Term Investment Outlook

As one of the world’s largest institutional investors, the Norwegian sovereign wealth fund continues to focus on long-term growth and risk management. Its recent moves highlight careful portfolio management amid evolving global market conditions and economic uncertainty.