Shadow the Oil Fund

The Allocator Class · Shadow the Oil Fund

How the marginal universal owner is positioned

Norway's sovereign wealth fund owns a slice of the whole listed world — on average 1.5% of every company on earth. Where it sits is the clearest single read of how a true universal owner is allocated. This mirrors its current book, straight from NBIM's disclosures.

Source · · as of

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Fund market value

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Companies part-owned

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Avg stake in each listed firm

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Annualised return since 1998

Allocation by asset class

Top 15 equity holdings · % of equity book

Fixed-income mix

Equity sector & country weights

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Methodology & data sources

Why this fund. The Government Pension Fund Global (informally "the oil fund") is the world's largest single investor, holding on average 1.5% of every listed company. Because it is effectively indexed to the whole market, its allocation is the closest available proxy for how a universal owner — one who cannot diversify away systemic risk — is actually positioned. We frame it as the marginal universal owner.

Live figures (all as of 31 Dec 2025, NBIM). Fund value 21,268 bn kroner; asset-class split equities 71.3% / fixed income 26.5% / unlisted real estate 1.7% / renewable infrastructure 0.4%; top-15 equity holdings by market value from NBIM's published list; fixed income 70% government-related / 30% corporate; annualised return 6.64% since 1998 (15.1% in 2025). Top-holding percentages are each holding's market value ÷ the 15,173 bn kroner equity book.

Honesty notes. NBIM publishes full holdings semiannually; this snapshot uses the year-end 2025 disclosure. Equity sector and country weights live only in NBIM's downloadable holdings spreadsheet (not the summary pages), so they show "—" here and populate at the next refresh — they are not estimated. Period-over-period deltas are not shown because the matching prior-period security-level file is not yet wired in; deltas populate at next disclosure. Figures are NOK; the fund reports in a 34-currency basket.