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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

Norges Bank, established in 1816 and headquartered in Oslo, Norway, serves as the central bank of Norway, responsible for monetary policy, issuing the Norwegian krone, and maintaining financial stability. Beyond its traditional central banking role, it oversees the management of the Government Pension Fund Global (often called the Norwegian Oil Fund), one of the world’s largest sovereign wealth funds, valued at over $1 trillion, which invests Norway’s oil and gas revenues in global equities, bonds, and real estate. The fund’s investment arm, Norges Bank Investment Management (NBIM), operates independently to ensure long-term wealth preservation for future generations, emphasizing sustainable and ethical investing practices. With its dual role, Norges Bank uniquely blends central banking duties with stewardship of a massive global investment portfolio.

This Fund
S&P 500
This Quarter Est. Return
+9.95%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$507B
AUM Growth
+$49.8B
Cap. Flow
+$12.1B
Cap. Flow %
2.38%
Top 10 Hldgs %
27.24%
Holding
2,145
New
58
Increased
905
Reduced
790
Closed
138

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$1.04B
2
AMZN icon
Amazon
AMZN
+$902M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$877M
4
AAPL icon
Apple
AAPL
+$767M
5
NVDA icon
NVIDIA
NVDA
+$684M

Top Sells

Rank Stock Value
1
SHEL icon
Shell
SHEL
+$444M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$415M
3
QCOM icon
Qualcomm
QCOM
+$385M
4
SNPS icon
Synopsys
SNPS
+$314M
5
ACN icon
Accenture
ACN
+$249M

Sector Composition

Rank Sector Weight
1 Technology 27.89%
2 Financials 13.39%
3 Healthcare 13.16%
4 Consumer Discretionary 11.33%
5 Communication Services 8.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NXPI icon
226
NXP Semiconductors
NXPI
$57.8B
$415M 0.08%
2,029,595
-20,569
-1% -$3.66M
TFC icon
227
Truist Financial
TFC
$63.3B
$414M 0.08%
13,639,795
+317,302
+2% +$9.85M
CPRT icon
228
Copart
CPRT
$27B
$412M 0.08%
9,027,930
+210,774
+2% +$8.74M
ODFL icon
229
Old Dominion Freight Line
ODFL
$44.1B
$411M 0.08%
2,223,340
-44,850
-2% -$7.26M
MET icon
230
MetLife
MET
$61.9B
$410M 0.08%
7,252,198
+1,001,499
+16% +$55.6M
BIIB icon
231
Biogen
BIIB
$30B
$410M 0.08%
1,439,225
+61,691
+4% +$18.4M
ZM icon
232
Zoom
ZM
$28.2B
$408M 0.08%
6,008,916
+2,847,946
+90% +$190M
LSI
233
DELISTED
Life Storage, Inc.
LSI
$408M 0.08%
3,066,551
+36,918
+1% +$4.91M
ROST icon
234
Ross Stores
ROST
$80.5B
$404M 0.08%
3,607,150
+352,247
+11% +$37M
HWM icon
235
Howmet Aerospace
HWM
$113B
$401M 0.08%
8,083,573
+4,040,557
+100% +$180M
EXR icon
236
Extra Space Storage
EXR
$31.3B
$396M 0.08%
2,663,283
+51,454
+2% +$7.74M
KKR icon
237
KKR & Co
KKR
$91.1B
$395M 0.08%
7,054,561
+893,043
+14% +$46.8M
MAR icon
238
Marriott International
MAR
$98.3B
$394M 0.08%
2,143,058
-43,601
-2% -$7.56M
APO icon
239
Apollo Global Management
APO
$72.4B
$393M 0.08%
5,121,306
+341,885
+7% +$22.9M
DHI icon
240
D.R. Horton
DHI
$40B
$391M 0.08%
3,215,784
+265,182
+9% +$29M
HLT icon
241
Hilton Worldwide
HLT
$72.1B
$388M 0.08%
2,667,614
-10,342
-0.4% -$1.47M
GIS icon
242
General Mills
GIS
$19.1B
$387M 0.08%
5,045,859
+333,632
+7% +$28.5M
CSGP icon
243
CoStar Group
CSGP
$11.7B
$383M 0.08%
4,298,042
-1,266
-0% -$97.7K
D icon
244
Dominion Energy
D
$60.8B
$380M 0.08%
7,343,540
+160,388
+2% +$8.72M
GWW icon
245
W.W. Grainger
GWW
$65.3B
$377M 0.07%
477,537
+16,483
+4% +$11.3M
CARR icon
246
Carrier Global
CARR
$51B
$374M 0.07%
7,530,686
-1,027,704
-12% -$45.2M
BAX icon
247
Baxter International
BAX
$13.5B
$373M 0.07%
8,182,117
-1,963,350
-19% -$85.5M
DFS
248
DELISTED
Discover Financial Services
DFS
$372M 0.07%
3,183,144
-48,967
-2% -$5.13M
KEYS icon
249
Keysight
KEYS
$54.5B
$372M 0.07%
2,220,916
+269,015
+14% +$41.7M
MTD icon
250
Mettler-Toledo International
MTD
$28.6B
$371M 0.07%
283,204
-23,206
-8% -$32.6M
8 9
10
11 12

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Norges Bank's Q2 2023 Portfolio in Review

As of Q2 2023, Norges Bank held 2,145 positions worth $507B, up 11% from $457B the previous quarter. Its ten largest holdings account for 27% of the portfolio.

Norges Bank's Q2 2023 filing shows 58 new, 905 increased, 790 reduced and 138 closed positions. Its largest new stake was Kenvue: 7,326,131 shares worth $194M. The largest sale was Shell, an estimated $444M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 26% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q2 2023 buy was Kenvue: 7,326,131 shares worth $194M.
  • Norges Bank added most to Microsoft in Q2 2023, an estimated $1.04B increase.
  • Norges Bank's biggest Q2 2023 reduction was Shell, cutting an estimated $444M.
  • Norges Bank fully exited Evoqua Water Technologies Corp. Common Stock in Q2 2023, selling an estimated $175M.
  • Norges Bank's ten largest holdings make up 27% of its $507B portfolio in Q2 2023.
  • Norges Bank opened 58 new positions and closed 138 in Q2 2023.
  • Norges Bank's portfolio value rose 11% quarter-over-quarter to $507B.

Based on Norges Bank's 13F filing for Q2 2023, filed 14 Aug 2023.