This post is by Marcus Lu from Visual Capitalist


See this visualization first on the Voronoi app.

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The World’s Largest Sovereign Wealth Fund

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. Norway is home to the biggest sovereign wealth fund globally, valued at nearly $1.4 trillion. In 2023, the fund posted record profits, bolstered by tech holdings that include Microsoft, Apple, and Nvidia. Originating in 1996, the fund was created to invest surplus earnings from its massive energy sector—where it ranks as the fourth-largest exporter of natural gas in the world. This graphic breaks down the portfolio of Norway’s sovereign wealth fund, based on data from Global SWF.

Portfolio Breakdown of Norway’s Sovereign Wealth Fund

Here’s how the fund, Norges Bank Investment Management, invests its portfolio according to asset type:
Asset ClassValuePercentage of Portfolio
Fixed Income$374B27.1%
Equities$973B70.5%
Real Estate$30B2.2%
Infrastructure$3B0.2%

Infrastructure holdings as of Sept 2023. Fixed income and equity holdings as of June 2023. Real estate holdings as of Dec 2022.

As we can see, the majority of the fund is invested in equities, with a 70.5% share of the portfolio. Overall, the fund invests in 9,000 companies worldwide, with the highest exposure across North American firms. As the table below shows, the top five holdings in the portfolio are heavily concentrated in the tech sector:
EquitiesValue
Apple$33B
Microsoft$31B
Alphabet$16B
(Read more…)