The Norwegian Wealth Fund invested $1,573,659,000 in 44 companies in Turkey by 2024. This amount marked the largest investment the fund has made in Turkey.

With a state wealth fund worth nearly $1.75 trillion, Norway’s largest ever asset fund invested in the shares of several companies in Turkey by the end of 2024, totaling $1,573,659,000.

According to Norges Bank data, a portion of the fund’s assets was used to acquire shares of 44 companies of various sizes operating in different sectors last year.

TWO ENERGY COMPANIES RECEIVE $90 MILLION In the portfolio of the Norwegian Wealth Fund, the total investment in shares of Turkish companies amounted to $1,573,659,000, including shares of Turkey’s largest oil refiner, Tüpraş, and Astor Energy companies. The value of the partnership shares in these two energy companies was calculated at around $90 million. THE LARGEST INVESTMENT GOES TO KOÇ HOLDING The largest share of the Norwegian Wealth Fund’s investments in Turkey went to Koç Holding AŞ. With a 0.90% stake in Koç Holding, the fund’s total investment in the company reached approximately $115.6 million. The fund also invested $113,539,000 in Akbank shares, $111,381,000 in BİM Birleşik Mağazalar AŞ shares, $82,960,000 in Turkish Airlines shares, and $77,420,000 in Turkcell shares.

The fund’s largest share position in the Turkish portfolio is a 3.10% stake in MLP Sağlık Hizmetleri AŞ with an investment of $63,971,000. Following this company are Aksa Akrilik Kimya Sanayisi and İş Yatırım with 3% shares each.

The total investment amount tied to the shares of these companies was $42,644,000 and $62,308,000 each. INVESTMENTS IN 63 COUNTRIES Since 2001, the Norwegian Wealth Fund has been making small investments in Turkey and since 2008, it has increased investments in Turkish companies. The fund has been investing in foreign shares, bonds, and real estate markets with the proceeds from the country’s oil and natural gas production since 1990. A small portion of the fund’s income can be used by the Norwegian government, with the bulk being saved for future generations. The fund invested in 8,659 companies in 63 countries last year, with a preference for renewable energy projects in recent years. The market value of the fund amounted to 19.755 trillion Norwegian kroner ($1.744 trillion) as of December 31, 2024. RECORD $222 BILLION PROFIT The Norwegian Wealth Fund also shows interest in shares of major companies in Turkey engaged in the transportation, chemical, automotive, software, and steel sectors. The fund increased its investments in Turkey from $485 million in 2021 to $1.2 billion in 2022, and $1.3 billion in 2023. The $1,573,659,000 investment made this year is the largest amount the fund has ever invested in Turkey. Reporting a record annual profit of $222 billion last year, the fund achieved its highest annual profit in kroner to date. It was noted that the most significant factor contributing to this profitability was the “rally” in U.S. technology shares.