Asset management is about allocating resources where they create the greatest value, both financially and for society. We all face such choices, whether saving for holidays, housing, or retirement. Still, most of our savings are entrusted to professional managers such as mutual funds, pension funds, banks, and hedge funds. In this course, we focus on understanding and evaluating the key decisions in the asset management process. We place particular emphasis on asset allocation, withdrawal rules, active management, and active ownership - with a strong focus on sustainability. A large share of capital is invested in equities, bonds, and money markets, and we examine how such portfolios are constructed. Throughout the course, we use the Norwegian Sovereign Wealth Fund (SPU) as a case to illustrate these principles in practice.The fund is one of the world’s largest and most professional investors, offering valuable lessons in long-term strategy. Most importantly, it is crucial to understand how the fund safeguards and develops resources that today finance roughly one-fifth of the national budget.