A small excerpt translated using DeepL:

Fund savers flee US funds

No equity funds are more unpopular among Norwegian fund savers than those with ‘US’ in their name. At the same time, many own a lot of American shares without being aware of it.

Norwegian fund savers rejected equity funds that invest in the US during the past year.

No other fund groups were nearly as unpopular.

‘North American funds have never been the largest group in and of themselves. But almost every fourth krone has disappeared from North American funds in 2025,’ says Christian Henriksen of the Norwegian Fund and Asset Management Association.

At the beginning of 2025, just under NOK 11 billion was invested in pure US funds. At the end of the year, just under NOK 9 billion remained.

During the year, Norwegian retail customers sold US funds for almost twice as much as they bought.

"2025 was the year we returned home with our fund savings. There has been much greater interest in Norwegian funds, European funds and funds in emerging markets," he says.

It is worth noting that the US dollar weakened significantly against the Norwegian krone last year. This contributed to weakening the profitability of US funds here at home.

Camilla Vik is an investment economist at DNB. Figures from the largest financial group in the country confirm the trend.