Norway's Government Pension Fund is on top of the world

Going up: GPF assets have grown an annualized 20.3% in the 10 years ended Dec. 31. The fund increased its real estate allocation to 2.2% of assets in 2014 and officials say they “will continue to expand the portfolio in the years ahead.”

Volatile returns: In its annual report, management noted strong equity returns in recent years cannot be expected to continue. That, combined with low interest rates globally “will make it a challenge for the fund to deliver similarly high returns going forward.”

Where it invests: The Norway fund invests the most money in the U.S. (32.3%), followed by U.K. (10.7%), Japan (7.9%), Germany (6.7%) and France (5.2%).