Fund Trading Surge: 2025 Records | E24

Fund customers bought Europe and defense funds in a turbulent year, while oil and diet pills top the bank’s stock list.

Fund customers in DNB set both buying and selling records in 2025, according to the bank. Net fund purchases ended at around NOK 1 billion, while trading in individual shares amounted to around NOK 160 billion.

On DNB’s top list are funds aimed at the European market and the defense sector.

– We have seen that they have changed in popularity and been characterized by the news image. There was a lot of talk about Europe’s rearmament and defense last year, says investment economist Camilla Vik to E24.

– Many have faith in Europe and the defense sector going forward, she says.

– Out of the USA, into Europe

Vik says that many fund customers in technology funds sold during the stock market turmoil this spring, but then bought fund shares again throughout the year.

– Interest in technology and defense has fluctuated a lot, she says.

DNB’s statistics include trading in all funds on the bank’s platform. The figures for the most sold funds will not be available until later in January, according to DNB.

– Overall, we see a tendency for investors to shift their weight out of the US and into Europe, says Vik.

The investment economist says that 2025 was a year in which it was profitable to be invested through major market movements.

– Don’t throw in the cards too soon, be patient and have faith in the long-term plan. The year has really shown that.

In the spring, the stock markets fell sharply after President Donald Trump’s tariff shock, but then recovered and ended 2025 with a solid recovery.

Sold during stock market crash

Vik highlights the investors’ experience.

– Many entered the market during the pandemic. We see that they were much more likely to fold when the market fell in March. More than half of those who redeemed funds then were new investors with less experience.

– The stock exchange year has ended very well. The picture is completely different from what you would think if you only read the headlines and the noise that has been made during the year.

Vik says that investors have become more concerned with so-called concentration risk, meaning that the largest technology companies make up an increasingly large share of the stock market, especially in the USA.

– I think investors have become more aware of what a global index fund is actually exposed to. There is a lot of USA and technology.

Oil and slimming medicine

The Oslo Stock Exchange-listed oil company Vår Energi was the most bought share among DNB customers last year, followed by the Danish pharmaceutical giant Novo Nordisk.

– We see that there is a high level of activity in Vår Energi from month to month. It marks the top of both the buy and sell list, says Vik.

Novo Nordisk was early on with slimming drugs when the new drugs appeared a few years ago, but after an adventurous rise, the share has plummeted. In the last year, the decrease is almost 50 per cent.

Vik highlights the sharp fall in the Novo Nordisk share last year and that there was a lot of news about the company.

– This summer there was a very big drop and many people used it as a buying opportunity.

– Optimistic about AI

DNB Wealth Management has recently published its annual expectations for long-term returns in the stock market.

– We are optimistic that AI will give higher productivity and influence economic growth, says Vik.

– On the other hand, we believe geopolitical uncertainty will affect the markets.

DNB now expects an average annual return of 7.25 per cent in the global stock market over the next eight to ten years, up from the estimate of 6.5 per cent at the same time last year. It is still below the historical average of 8.9 per cent in the period 1989 to 2025.