Singapore SWF's portfolio shrinks 7.6%, Norway's gains 37% in FY25

THE SOVEREIGN WEALTH funds (SWF) of Singapore and Norway — the top two foreign portfolio investors (FPIs) in India — recorded diverse trends in portfolios between March 2024 and March 2025.

- NESIL STANEY

The Singapore fund lost 7.66% of its portfolio size while Norges Bank Investment Management (NBIM) of Norway gained 37%, according to data from Primeinfobase.com.

The net value of the government of Singapore holdings in India at the end of March 2024 stood at ₹2.51 lakh crore while that of NBIM was ₹1.03 lakh crore. At the end of March 2025, this changed to ₹2.32 lakh crore and ₹1.41 lakh crore, respectively.

Data represent only those stocks in which FPIs have more than 1% holdings.

In May, FPIs bought net ₹146.8 billion, the third consecutive month of net positive inflows, after big selloff early this year. The share of domestic institutional investors (DIIs), primarily comprising mutual funds, in the Indian capital market hit an all-time high of 17.6% as on March 31, 2025, from 16.89% as on December 31, 2024, following a net investment of ₹1.89 lakh crore in the March quarter. DIIs surpassed the FPI share of 17.2%.