Simplest terms I can put it, they're the investment future fund for the Norwegians. They did what Australia should have done and put a bunch of the profits from their oil & gas sales (read as stuff dug out of the ground for Australia) and widely invested so that the gains effectively provide a pension to the Norwegian citizens. They realised that oil and gas won't last forever and decided that ensuring the future generations was a good idea.
It's the largest sovereign wealth fund in the world and has about AUD$1.7trillion under it's management.
https://www.nbim.no/
Why IMU is a multi multi bagger, page-7152
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