Results 2025 | Norges Bank Investment Management
Norges Bank Investment Management reported a 15% return in 2025, reaching a record value of over 25 trillion Norwegian kroner, driven by a concentrated AI-led equity rally. However, the fund warns of unprecedented concentration risk—with the top 10 holdings now representing 20% of the equity portfolio—and has published stress tests showing potential 37% losses in a 'fragmented world' scenario.