Norway’s $2.2 trillion sovereign wealth fund reduced its holdings in major U.S. tech companies, including its top position in Nvidia (NVDA), during the second half of 2025, according to newly released portfolio data.
By year-end, Norges Bank Investment Management, which oversees the fund, had trimmed all of its top four tech holdings, which also included Apple (AAPL), Microsoft (MSFT) and Alphabet (GOOG) (GOOGL).
The fund cut its stake in Nvidia to 1.26% from 1.32% earlier, while Microsoft’s holdings were slashed to 1.26% from 1.35% earlier. The two companies still feature among the fund’s most valued investments, with Apple (AAPL) retaining the second spot.
Overall, U.S. investments accounted for 52.9% of the fund’s assets at the end of 2025 across equities, bonds, and property, up from 52.4% six months earlier, the data showed.
