Norges Bank Investment Management (NBIM), which manages Norway's sovereign wealth fund, has announced that it is scrutinizing its equity investments in Turkey. Known as the world's largest sovereign wealth fund with approximately $2.3 trillion in assets, NBIM's portfolio in Borsa İstanbul is reported to be worth approximately $2.2 billion according to recent filings.
Trond Grande, the fund's Deputy CEO, responded to questions regarding the fund crisis and allegations of manipulation in Turkey during a phone call with journalists. Grande described the fund's position by stating, "We are more of a victim here than a perpetrator."
Grande stated that investments in markets experiencing issues are being closely monitored, and that both the shares in Turkey and the external companies managing assets in Turkey on behalf of the fund are under evaluation. However, he did not share details regarding which shares might be sold or to what extent the portfolio might be changed.
DEBATE OVER QUESTIONABLE SHARES
Controversial shares in NBIM's Turkey portfolio have been on the agenda for some time. According to information reported by Bloomberg on September 30, the fund held approximately $208 million in shares across 10 companies mentioned in the investigation. It was stated that this amount represents a significant portion of the fund's equity investments in Turkey.
According to the same report, NBIM maintained its positions in three shares where regulatory bodies detected manipulation in 2025, even after these findings. It is also noted that the fund participated in an initial public offering organized by Tera Yatırım, purchased Tera shares, and held Destek Finans Faktoring shares in its portfolio. Following the arrest of Destek Finans Faktoring founder Altunç Kumova, the company's shares experienced a sharp decline in value.
According to Türkiye Gazetesi, the prosecutor's office determined that the Norwegian fund purchased $120 million worth of manipulative shares in 10 companies, while Citibank purchased $80 million worth in 8 companies. This information revealed that international investors also held positions in shares associated with controversial transactions.
The fund's investments in Turkey were previously managed by Istanbul Portföy. It is stated that after SPK sanctions were applied to a partner of this company due to transactions in two cement stocks, NBIM parted ways with the firm, and management passed to Neo Portföy as of July 2026. It is also stated that the US-based TRG Management manages shares in Turkey on behalf of the fund.
According to the fund's latest filing dated June 30, the value of its equity investments in Turkey is at the level of 20.4 billion Norwegian kroner. This amount corresponds to approximately $2.2 billion. The concentration of a portion of the portfolio in shares outside the main indices and sharp value losses in some shares have made the fund's Turkey positions more visible.
NBIM's statement is significant not only for the fund's own investments but also in terms of foreign investor behavior in Borsa İstanbul. It is assessed that if large-scale foreign funds reduce their positions in banking, holding, and industrial stocks, there could be a risk of volatility in the market.
News Source: 12punto
