Key Takeaways
- AuAg Silver Bullet was the top-performing fund in 2025, rising nearly 180%.
- The five funds that more than doubled in value during the year all benefited from a strong rally in gold and silver prices.
- Several emerging markets funds ranked among the worst performers, with HSBC Global Investment Funds – Turkey Equity at the bottom after a decline of around 21%.
Most funds available to Norwegian investors had a positive year in 2025, but performance dispersion was striking. While more than 77% of funds ended the year higher, the strongest performers more than doubled in value, driven by a powerful rally in gold and silver. At the other end of the spectrum, several emerging markets and fixed-income funds posted double-digit losses.
Gold and Silver Rally Drove Precious Metals Funds Sharply Higher
Gold was one of the strongest asset classes in 2025, with prices reaching record highs during the year. The rally was driven by geopolitical uncertainty, high levels of government debt, and continued purchases by central banks.
For funds investing in gold mining equities, this created a particularly favourable environment, with some companies posting significantly stronger share price gains than the metal itself. Gold was not the only precious metal in focus during the year. Silver prices also reached new record levels and began to outperform gold.
Out of the 1.386 funds available for sale to Norwegian investors, the vast majority had a positive year: 1.073 funds, or 77.4%, rose in 2025 with an average gain of 7.8%. In addition, the top five funds featured in this article more than doubled in value - and are all heavily exposed to the precious metals.
For this review, we analyse the oldest share class of funds available for sale in Norway and include only funds with a minimum investment requirement of NOK 100.000 or less. All data is reported in NOK.
The Best-Performing Funds for Norwegian Investors in 2025
AuAg Silver Bullet
- Morningstar Category: Equity Precious Metals
- Morningstar Rating: ★★
- Ongoing Charge: 1.40%
The actively managed AuAg Silver Bullet gained 180.73% in 2025, outperforming the average fund in the equity precious metals category, which rose 133.23%. The fund placed in the second percentile for performance and beat its benchmark, the Morningstar Global Gold Index, by 59.53 percentage points. The NOK 5.4 billion fund has gained 55.61% over the past three years, while the average fund in its category is up 46.97%. Over the past five years, the AIFM Capital AB fund has climbed 22.05%, compared to the 22.23% gain for the category.
Schroder International Selection Fund Global Gold
- Morningstar Category: Equity Precious Metals
- Morningstar Rating: ★★★★
- Ongoing Charge: 1.03%
In 2025, the actively managed Schroder International Selection Fund Global Gold rose 161.52%, while the average equity precious metals fund gained 133.23%. The fund placed in the 12th percentile for performance and beat its benchmark, the Morningstar Global Gold Index, by 40.32 percentage points. The NOK 22.3 billion fund has climbed 59.57% over the past three years, outperforming the average fund in its category, which rose 46.97%. Over the past five years, the Schroders fund is up 27.76%, while the average fund in its category is up 22.23%.
Ninety One Global Strategy Fund - Global Gold Fund
- Morningstar Category: Equity Precious Metals
- Morningstar Rating: ★★★
- Ongoing Charge: 1.90%
The actively managed Ninety One Global Strategy Fund - Global Gold Fund gained 148.26% in 2025, outperforming the average fund in the equity precious metals category, which rose 133.23%. The fund placed in the 33rd percentile for performance and beat its benchmark, the Morningstar Global Gold Index, by 27.06 percentage points. The NOK 12.6 billion fund has gained 49.99% over the past three years, while the average fund in its category is up 46.97%. Over the past five years, the Ninety One fund has climbed 24.74%, compared to the 22.23% gain for the category.
BlackRock Global Funds - World Gold Fund
- Morningstar Category: Equity Precious Metals
- Morningstar Rating: ★★★
- Ongoing Charge: 2.08%
The NOK 112.6 billion BlackRock Global Funds - World Gold Fund rose 130.45% in 2025. The gain on the actively managed fund was roughly in line with the 133.23% gain on the average fund in the equity precious metals category, leaving it in the 57th percentile for performance. The fund beat its benchmark, the Morningstar Global Gold Index, by 9.25 percentage points. Over the past three years, the BlackRock fund rose 47.56%, while the average fund in its category rose 46.97%. Over the past five years, the fund has climbed 22.36%, compared to the 22.23% gain for the category.
CPR Invest - Global Gold Mines
- Morningstar Category: Equity Precious Metals
- Morningstar Rating: ★★★
- Ongoing Charge: 2.06%
The actively managed CPR Invest - Global Gold Mines gained 128.82% in 2025, performing roughly in line with the average fund in the equity precious metals category, which rose 133.23%. The fund placed in the 62nd percentile for performance and beat its benchmark, the Morningstar Global Gold Index, by 7.62 percentage points. The NOK 26.3 billion fund has gained 46.56% over the past three years, while the average fund in its category is up 46.97%. Over the past five years, the CPR Asset Management fund has climbed 23.84%, compared to the 22.23% gain for the category.
The Worst-Performing Funds for Norwegian Investors in 2025
HSBC Global Investment Funds - Turkey Equity
- Morningstar Category: Other Equity
- Morningstar Rating: -
- Ongoing Charge: 2.15%
The actively managed sub-fund HSBC Global Investment Funds – Turkey Equity invests primarily in equity securities and equity equivalent securities of companies which have their registered office in Turkey, and with an official listing on a major stock exchange or other Regulated Market of Turkey, as well as those companies which carry out a preponderant part of their business activities in Turkey. The fund lost 20.58% in 2025.
TIN Ny Teknik
- Morningstar Category: Nordic Small/Mid-Cap Equity
- Morningstar Rating: ★
- Ongoing Charge: 1.50%
The NOK 3.1 billion TIN Ny Teknik fell 19.92% in 2025. The loss on the actively managed fund was worse than the 13.13% gain on the average fund in the Nordic small/mid-cap equity category, leaving it in the 100th percentile for performance. The fund lagged its benchmark, the Morningstar Nordic Target Market Exposure Index, by 28.61 percentage points. Over the past three years, the TIN Fonder fund fell 1.98%, while the average fund in its category rose 12.78%. Over the past five years, the fund has dropped 11.16%, compared to the 3.51% gain for the category.
DWS Concept Institutional Fixed Income
- Morningstar Category: Other Bond
- Morningstar Rating: -
- Ongoing Charge: -
The actively managed DWS Concept Institutional Fixed Income lost 19.01% in 2025. The investment objective of the sub-fund is to provide the shareholders with a fixed or variable income, depending on the class of shares held by the investor, until the Maturity Date of the relevant share class of the sub-fund. The sub-fund will also aim to provide the shareholders with a Final Payout upon the Maturity Date of each relevant share class.
BL-American Small & Mid Caps
- Morningstar Category: US Mid-Cap Equity
- Morningstar Rating: ★★★
- Ongoing Charge: 1.40%
In 2025, the actively managed BL-American Small & Mid Caps fell 16.85%, while the average US mid-cap equity fund lost 5.85%. The fund placed in the 100th percentile for performance and fell further than its benchmark, the Morningstar US Mid Cap Index, by 14.18 percentage points. The NOK 4.3 billion fund has climbed 3.89% over the past three years, underperforming the average fund in its category, which rose 13.2%. Over the past five years, the Banque de Luxembourg Investments fund is up 5.29%, while the average fund in its category is up 9.41%.
DNB Fund – India
- Morningstar Category: India Equity
- Morningstar Rating: ★★
- Ongoing Charge: 1.63%
The actively managed DNB Fund - India lost 15.84% in 2025, falling further than the average fund in the India equity category, which fell 13.02%. The fund placed in the 78th percentile for performance and fell further than its benchmark, the Morningstar India Target Market Exposure Index, by 8.4 percentage points. The NOK 502.8 million fund has gained 9.57% over the past three years, while the average fund in its category is up 11.56%. Over the past five years, the DNB fund has climbed 9.93%, compared to the 12.35% gain for the category.
