Results 2025 | Norges Bank Investment Management

The podcast centers on the performance and strategy of Norway's sovereign wealth fund in 2025, addressing its 15% return and benchmark underperformance of 28 basis points. Key discussion points include the fund's significant exposure to technology stocks, particularly US companies, and the increasing concentration risk within its equity portfolio. Stress tests are highlighted, examining potential impacts from an AI correction, a fragmented world, regional debt crises, and extreme weather events. Real estate's flat performance is scrutinized, alongside a new strategy and management changes. The fund's approach to ethical investments and potential risks, such as new taxes in the US, are also addressed through questions from the audience.