The fund, which holds assets of $US2.2 trillion, is one of the world's largest investors, holding on average 1.5 per cent of all listed stocks globally.
The fund's return on investment in 2025 was 15.1 per cent, or 0.28 percentage points lower than the return on its benchmark index, set by the country's finance ministry, it said in a statement.
"Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return," fund CEO Nicolai Tangen said in the statement.
The fund is worth the equivalent of $US385,000 for every Norwegian man, woman and child and finances some 25 per cent of the country's fiscal budget.
It invests the Norwegian state's revenues from oil and gas production in bonds, stocks, property and unlisted renewable energy projects outside its home market.
The value of US Treasuries held by the wealth fund increased during the second half of 2025 to $US199 billion, or 9.4 per cent of the fund's total investments as of December 31, continuing a long-term trend, fund data showed.
That compares with the $US181 billion the fund held in US Treasuries, or 9.2 per cent of its total investments, at June 30.
Some big northern European investors are increasingly wary of the risks of holding US assets in the face of geopolitical tensions, pension chiefs told Reuters last week, a sign of a broadening shift away from the world's biggest financial market.
But the Norwegian fund has increased its US holdings.
Overall, 52.9 per cent of the fund's assets were invested in the United States at the end of 2025, across equities, bonds and property, compared with a share of 52.4 per cent six months earlier, the data showed.
