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Norges Bank Investment Management (NBIM), which is known as the world's largest sovereign wealth fund holding roughly $2.2 trillion in assets globally, held $208 million in shares worth about 2 billion kroner ($208 million) in 10 Turkish companies that were involved in Türkiye's recent fund turmoil, according to a report.
The holdings, based on NBIM's June 30 disclosures, represent nearly 10% of the 20.4 billion kroner ($2.1 billion) worth of Turkish equities held by the fund at the time, data compiled by Bloomberg showed, while the value of the positions has since fallen sharply as the investigation expands.
The fund's biggest holding among the 10 companies is a 2% stake in Istanbul-based power equipment maker Astor Enerji, whose shares have fallen 41% this month after authorities froze the assets of its chairman, Feridun Gecgel.
NBIM also holds stakes in companies linked to Tera Yatirim, one of the leading portfolio managers at the center of the probe. Shares in those companies have dropped sharply since Tera founder and Chairman Emre Tezmen was arrested.
The fund's second-largest position in the group is Destek Finans, in which it acquired a 0.17% stake in 2025. Destek shares, which are publicly offered by Tera's investment bank and held by its funds, have surged more than 600% this year.
By Sept. 30, the bank's market capitalization had dropped to ₺317.2 billion ($6.5 billion), wiping out much of the gains that pushed it to ₺1.3 trillion ($26.5 billion) in July. The bank's founder, Altunc Kumova, was also arrested.
Another NBIM holding is Odine Solutions Teknoloji, an Istanbul-based technology company backed by another major portfolio manager involved in the probe, Pusula Yatirim. Its shares have climbed 987% this year, reaching a peak valuation of ₺366 billion on Aug. 12 before plunging 94%.
However, an NBIM spokesperson declined to comment on whether the fund still holds the shares.
Turkish authorities are continuing to examine suspected market irregularities and price manipulation across the capital markets as part of an investigation that has widened after several investment funds managed by Pusula and Tera defaulted on investor redemption requests in mid-September. The liquidity crunch deepened as investors rushed to withdraw their money.
Türkiye's Capital Markets Board (CMB) ordered 131 funds managed by seven companies to halt operations and begin liquidation, appointing Ziraat Bank and Is Bank to oversee the six-month process.
The funds held more than $19 billion in assets based on market valuations at the time, affecting 455,758 individual investors.
The regulator has also filed criminal complaints over transactions involving shares of Katilimevim, Gundogdu Gida, Destek Finans and Ozata Denizcilik, citing suspected market manipulation following abnormal gains in the stocks.
The investigation has led to the arrests of 56 people, including Tera board members Emre Alkin and Kerem Alkin, Tera Portfoy General Manager Alper Ozturk, Pusula Holding Chairman Serdar Turhan and Pusula Portfoy Chairman Muhammed Yariz.
Authorities are seeking detailed financial records on company executives, including money and cryptocurrency transfers abroad from 2024 to the present, as well as incoming and outgoing transactions.
Asset freezes on 42 individuals remain in place after restrictions on 45 companies and 19 investment funds were lifted to allow them to continue operating.
President Recep Tayyip Erdogan has also authorized the State Supervisory Council to investigate and audit recent investment fund transactions in the capital markets after meeting with his economic team and senior officials on Tuesday.
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