Folketrygdfondet Portfolio holdings
Folketrygdfondet manages the Government Pension Fund Norway, a portfolio of Nordic stocks and bonds that sits beside the Oil Fund under the same state pension umbrella. It began in 1967 as a way to invest surpluses from Norway's National Insurance scheme, first in government bonds and bank deposits, and it gained access to Norwegian listed stocks in 1991. Since becoming a company under the Ministry of Finance in 2008, it has also run two temporary Government Bond Funds, one after the financial crisis and one during the coronavirus pandemic, both since wound down.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Novo Nordisk
NVO
|
+$19M |
| 2 |
Okeanis Eco Tankers
ECO
|
+$1.68M |
| 3 |
Genmab
GMAB
|
+$115K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Equinor
EQNR
|
+$93.2M |
| 2 |
Nokia
NOK
|
+$25.7M |
| 3 |
Frontline
FRO
|
+$23.9M |
| 4 |
Oculis Holding
OCS
|
+$8.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 70.23% |
| 2 | Miscellaneous | 16.5% |
| 3 | Healthcare | 9.95% |
| 4 | Technology | 3.29% |
| 5 | Industrials | 0.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Equinor
EQNR
$107B
| $2.86B | 61.66% |
91,020,939
-2,495,298
| -3% | -$93.2M |
2014 Q4
46 quarters
|
|
|
2
Novo Nordisk
NVO
$178B
| $457M | 9.85% |
9,522,383
+441,563
| +5% | +$19M |
2014 Q4
46 quarters
|
|
|
3
Frontline
FRO
$11.6B
| $351M | 7.57% |
10,082,471
-649,900
| -6% | -$23.9M |
2015 Q4
42 quarters
|
|
|
4
Nokia
NOK
$46.5B
| $152M | 3.29% |
11,477,781
-1,998,717
| -15% | -$25.7M |
2014 Q4
46 quarters
|
|
5
CMB.TECH NV
CMBT
$5.04B
| $39.4M | 0.85% |
2,816,940
| – | – |
2025 Q3
3 quarters
|
|
6
TORM
TRMD
$4.09B
| $7.44M | 0.16% |
285,570
| – | – |
2025 Q3
3 quarters
|
|
|
7
Genmab
GMAB
$33.8B
| $4.53M | 0.1% |
165,082
+4,309
| +3% | +$115K |
2019 Q3
27 quarters
|
|
|
8
Okeanis Eco Tankers
ECO
$3.56B
| $1.62M | 0.03% |
+32,274
| New | +$1.68M |
2026 Q2
0 quarters
|
|
|
9
Oculis Holding
OCS
$475M
| – | – |
-319,556
| Closed | -$8.5M | – |
|
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Folketrygdfondet's Q2 2026 Portfolio in Review
As of Q2 2026, Folketrygdfondet held 12 positions worth $4.64B, down 18% from $5.64B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Folketrygdfondet's Q2 2026 filing shows 1 new, 5 increased, 3 reduced and 1 closed positions. Its largest new stake was Okeanis Eco Tankers: 32,274 shares worth $1.62M. The largest sale was Equinor, an estimated $93.2M.
By sector, the portfolio is most concentrated in Energy at 70% of assets, down from 77% a quarter earlier, followed by Miscellaneous and Healthcare.
- Folketrygdfondet's largest Q2 2026 buy was Okeanis Eco Tankers: 32,274 shares worth $1.62M.
- Folketrygdfondet added most to Novo Nordisk in Q2 2026, an estimated $19M increase.
- Folketrygdfondet's biggest Q2 2026 reduction was Equinor, cutting an estimated $93.2M.
- Folketrygdfondet fully exited Oculis Holding in Q2 2026, selling an estimated $8.5M.
- Folketrygdfondet's ten largest holdings make up 100% of its $4.64B portfolio in Q2 2026.
- Folketrygdfondet opened 1 new position and closed 1 in Q2 2026.
- Folketrygdfondet's portfolio value fell 18% quarter-over-quarter to $4.64B.
Based on Folketrygdfondet's 13F filing for Q2 2026, filed 13 Aug 2026.