One of the world’s most notable investment behemoths is Norway’s Government Pension Global Fund, boasting an impressive AUM (Assets Under Management) of an enormous US$ 1 Trillion. The fund, more colloquially known as the Norwegian Oil Fund, is not new to the investment scene. Indeed, it was in 1990 that Norway laid the foundations for this financial titan, its aim being to mobilize surplus revenues from Norway’s prosperous petroleum sector to secure economic stability for the future.
Its all-seeing eye for investment spans across global equity, fixed income, and property assets. The potency of these investments is leveraged to optimize returns for the inheritors of the future. A cornerstone of its essence is an uncompromising commitment to maintaining a high standard of governance. This includes a clear, transparent, and ethical approach to investment decision-making and management.
Now, let’s turn our eyes to the Indian Stock Market, where the mighty fund holds a diversified basket of about 101 stocks. This impressive portfolio, valued at over Rs 146,524 cr, spans multiple sectors. It’s a strategy designed to minimize risk and secure balanced returns. Over the years, the fund has demonstrated a consistent track record of stable returns, providing reassurance to those who invest for the long haul.
Let’s shine a spotlight on the transactions that took place in the March 2025 quarter. Perhaps the most noteworthy was the increased stake in certain Indian stocks that the fund coveted. To give you a flavour of their choices, we’ll delve into the specifics of some examples, starting with Syngene International Ltd.
The brainchild of Biocon, Syngene International Ltd was born in 1993 and has the distinction of being India’s pioneering Contract Research Organization (CRO). It’s evolved over time into a comprehensive service provider, offering a wide array of drug discovery, development and manufacturing services on one seamless platform (CRAMS). With a jaw-dropping market capitalization of Rs 26,465 cr, the Government Pension Global Fund upped its stake from 1.94% to 2.48% in the 2025 Q1.
As for their performance metrics, Syngene’s sales put on a growth spurt, manifesting an incredible 13% compound growth from Rs 2,012 cr in FY20 to an even stouter Rs 3,642 cr in FY25. Additionally, the EBITDA was Rs 618 cr for FY20 but rocketed to Rs 1,042 cr in FY25, indicating 11% compound growth. Net profit saw a healthy increase from Rs 412 cr in FY20 to Rs 496 cr in FY25, showing a compound growth of 6%.
Next, let’s flip the page to Axis Bank Ltd. Born in 1993, Axis Bank Ltd has grown to become the third-largest private sector bank in India. The bank experienced an increase of the Government Pension Global Fund’s stake from 1.67% to 2.15% during Q1 2025. In terms of performance, Axis bank’s revenue swelled from Rs 63,716 cr in FY20 to a whopping Rs 127,374 cr in FY25, a robust compound growth of 15%. More impressively, the bank turned a FY20 loss of Rs 10,256 cr into profits of Rs 8,179 cr by FY25.
Hero MotoCorp Ltd, originally a technology partner with Honda since 1984, has become one of the pioneering motorcycle manufacturers in India. The world’s largest producer of 2 Wheelers, in terms of units sold by a single company in a year, turned heads when the Government Pension Global Fund increased its stake from 2.29% to 2.65% between Q4 2024 and Q1 2025.
Financially, the sales growth rate was a consistent 7% over five years, from Rs 29,254 cr in FY20 to a heartening Rs 40,923 cr in FY25. The EBITDA increased from Rs 4,070 cr in FY20 to Rs 5,785 cr in FY25, and the net profit also grew at a compound rate of 8% over the same period, amounting to Rs 4,376 cr in FY25.
Fast Moving Electrical Goods giant Havells India was founded in 1958 and has a strong global standing in the industry. In Q1 2025, the Government Pension Global Fund upped its stake in the company by 1.62%. Moreover, the company painted a promising financial picture, with a compound growth of 18% in sales over the last five years, and an EBITDA growth of a solid 15%.
Finally, let’s glance at IndusInd Bank Ltd, India’s 5th largest private sector bank. The bank, which also stands as the 2nd largest microfinance lender in the country through its subsidiary Bharat Financial Inclusion Limited (BFIL), saw the Government Pension Global Fund’s stake increase from 2.01% to 2.14% during Q1 2025. This was the same period when some discrepancies came to light in the bank’s functioning, leading to a significant fall in its stock price.
Dissecting the financials, revenue burgeoned from Rs 28,783 cr in FY20 to Rs 48,668 cr in FY25, indicating an 11% compound growth. However, contrary to this swell, both financing profits and net profits observed a downward trend capping the five-year period with losses in FY25.
The narratives of these five companies give us kaleidoscopic insights into the world of investment, from rising potentials to shakier grounds, all enticing the gaze of the world’s largest sovereign wealth fund. Regardless of the unique situations, they all saw increased stakes by the fund, invariably underlining the fund’s belief in these stocks. But the ultimate decision – to invest or watch from the sidelines – lies in the hands of each individual investor.