Norway’s sovereign wealth fund, the world’s largest with assets exceeding $2 trillion, increased its investments in Turkish companies to more than $1.7 billion as of the end of 2025. According to data compiled from Norges Bank, which manages the fund, total investments in shares of companies operating in Türkiye reached $1.723 billion, covering 79 companies—the highest number of Turkish firms the fund has ever held.
The fund allocated part of its assets last year to acquire stakes in 79 companies of varying sizes across different sectors. Among the holdings are shares in Türkiye Petrol Rafinerileri AŞ (Tüpraş), Astor Enerji, and Enerya Enerji, with the combined value of these three energy investments estimated at around $121 million.
ASELSAN Largest Single Investment
The largest share of the fund’s Türkiye portfolio is in ASELSAN Elektronik Sanayi ve Ticaret AŞ. Holding 0.58% of the company, the fund’s total investment in ASELSAN amounts to approximately $142 million.
Other major investments include $120.0 million in BİM Birleşik Mağazalar AŞ, $117.4 million in Akbank, $113.6 million in Koç Holding, and $91.8 million in Tüpraş.
The fund’s largest ownership stake in Türkiye is in MLP Sağlık Hizmetleri AŞ, where it holds 3.46% with an investment value of $58.5 million. This is followed by Mercan Kimya Sanayi ve Ticaret AŞ with a 2.97% stake (about $2.3 million) and İş Yatırım Menkul Değerler AŞ with a 2.85% stake (around $39.5 million).
Gradual Increase in Türkiye Exposure
Norway’s sovereign wealth fund has made small investments in Türkiye since 2001, significantly increasing its exposure to Turkish equities from 2008 onward. Its interests span sectors including finance, healthcare, steel, technology, and telecommunications.
The fund’s investments in Türkiye rose steadily from $485 million in 2021 to $1.2 billion in 2022, $1.3 billion in 2023, and $1.5 billion in 2024, before surpassing $1.7 billion in 2025.
Global Portfolio and Performance
Established in 1990 and financed by revenues from Norway’s oil and natural gas production, the fund invests in equities, bonds, and real estate across global markets. Only a small portion of the fund is used by the government, with the majority saved for future generations.
The fund holds investments in more than 7,200 companies across 60 countries, accounting for roughly 1.5% of global listed equities. As of December 31, 2025, its market value reached 21.27 trillion Norwegian kroner (approximately $2.22 trillion), equivalent to about $385,000 per capita in Norway.
In 2025, the fund reported investment gains of 2.36 trillion Norwegian kroner (around $247 billion), largely driven by technology and financial stocks. Returns included 5.4% from fixed-income investments and 4.4% from unlisted real estate.
The portfolio allocation comprised 71.3% equities, 26.5% fixed-income securities, 1.7% real estate, and 0.4% unlisted renewable energy infrastructure investments.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök