Finance

Norway’s $1.9 Trillion Fund Has Best Quarter Since 2023

Nicolai Tangen, in Arendal, Norway, on Aug. 12.Photographer: Carina Johansen/Bloomberg

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By Heidi Taksdal Skjeseth and Stephen Treloar

August 12, 2025 at 5:50 AM UTC

Updated on

August 12, 2025 at 9:56 AM UTC

Norway’s sovereign wealth fund enjoyed its best quarter since late 2023, returning 6.4% in the second quarter, propelled by stock-market gains.

Equities drove the results for the $1.9 trillion fund, at 8.45%, with unlisted infrastructure investments generating 8.1%, Norges Bank Investment Management said in a report on Tuesday. Fixed income and unlisted real estate had a small positive contribution.