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Feb 12, 2026 12:10 PM

The Great Distortion: 1,500 Stocks Vs. The Magnificent 7 In Norway's Massive U.S. Equity Portfolio

Diversification? Not exactly. An analysis of Norges Bank Investment Management's latest 13F filing, representing the U.S. equity holdings of the Government Pension Fund Global, the world's largest sovereign wealth fund, offers a striking snapshot of markets in 2025. Although the fund holds 1,577 U.S. stocks, nearly one out of every three dollars is concentrated in just seven companies.

The message is simple: the ‘Magnificent 7’ aren't just leading the market, they are the market.

Magnificent 7 Concentration

Norges Bank Investment's fourth quarter 13F shows roughly $280 billion, about 30% of its $935 billion U.S. equity portfolio, parked in Nvidia Corp (NASDAQ:NVDA), Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT), Amazon.com ...