Norway's sovereign wealth fund suffered a massive loss of 34.9 billion euros in the first quarter, but it still insists on increasing its holdings in US stocks.

The Norwegian Sovereign Wealth Fund is the world's largest sovereign wealth fund, with assets of approximately $1.5 trillion. In the first quarter of 2025, the fund reported a loss of around 34.9 billion. The main reasons for this were the decline in tech industry stock prices and the sluggish performance of the US stock market. US stocks make up nearly 60% of the fund's stock portfolio, and their performance was significantly worse than European stocks. The MSCI US Index fell by 5.2%, while the MSCI Europe Index saw an increase of almost 10%. However, since European stocks account for only 22% of the fund, they were unable to offset this loss. The main contributing factors to the loss were large tech stocks such as Apple, Microsoft, and NVIDIA, which together make up nearly 17% of the fund's holdings. Despite this setback, the fund plans to increase its investment in US stocks in the future.