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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
+4.28%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$762B
AUM Growth
+$46.1B
Cap. Flow
+$33.5B
Cap. Flow %
4.4%
Top 10 Hldgs %
33.38%
Holding
1,937
New
98
Increased
915
Reduced
666
Closed
92

Top Buys

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$4.27B
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$2.85B
3
MSFT icon
Microsoft
MSFT
+$2.65B
4
META icon
Meta Platforms (Facebook)
META
+$2.37B
5
AVGO icon
Broadcom
AVGO
+$1.63B

Top Sells

Rank Stock Value
1
TMUS icon
T-Mobile US
TMUS
+$570M
2
BAC icon
Bank of America
BAC
+$486M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$438M
4
BABA icon
Alibaba
BABA
+$361M
5
IBM icon
IBM
IBM
+$336M

Sector Composition

Rank Sector Weight
1 Technology 31.05%
2 Financials 14.2%
3 Consumer Discretionary 11.56%
4 Healthcare 10.01%
5 Communication Services 9.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DHI icon
226
D.R. Horton
DHI
$41B
$593M 0.08%
4,243,760
+386,312
+10% +$64.6M
GM icon
227
General Motors
GM
$79.3B
$592M 0.08%
11,119,231
+141,511
+1% +$7.41M
PCG icon
228
PG&E
PCG
$38.4B
$592M 0.08%
29,317,415
+2,341,550
+9% +$47.6M
COF icon
229
Capital One
COF
$134B
$590M 0.08%
3,310,224
-460,836
-12% -$79.8M
CARR icon
230
Carrier Global
CARR
$52.1B
$588M 0.08%
8,614,554
+385,619
+5% +$29.1M
BABA icon
231
Alibaba
BABA
$305B
$585M 0.08%
6,905,047
-3,825,796
-36% -$361M
SNPS icon
232
Synopsys
SNPS
$75.1B
$584M 0.08%
1,202,423
-347,006
-22% -$181M
KMB icon
233
Kimberly-Clark
KMB
$35.7B
$583M 0.08%
4,445,911
+136,162
+3% +$18.6M
MAR icon
234
Marriott International
MAR
$91.5B
$581M 0.08%
2,082,607
+228,052
+12% +$62.6M
ALNY icon
235
Alnylam Pharmaceuticals
ALNY
$29.5B
$578M 0.08%
2,456,082
+80,547
+3% +$21.2M
WMB icon
236
Williams Companies
WMB
$86.1B
$575M 0.08%
10,626,447
+1,139,903
+12% +$61.4M
AEM icon
237
Agnico Eagle Mines
AEM
$74.6B
$573M 0.08%
7,338,627
+666,452
+10% +$54.9M
CM icon
238
Canadian Imperial Bank of Commerce
CM
$109B
$570M 0.07%
9,029,485
+424,437
+5% +$27M
CNI icon
239
Canadian National Railway
CNI
$76.1B
$563M 0.07%
5,551,563
-200,854
-3% -$22M
CCI icon
240
Crown Castle
CCI
$33.5B
$562M 0.07%
6,189,009
+279,416
+5% +$29.2M
TRV icon
241
Travelers Companies
TRV
$78B
$561M 0.07%
2,328,524
-321,664
-12% -$80.3M
JCI icon
242
Johnson Controls International
JCI
$88.7B
$561M 0.07%
7,101,854
+20,247
+0.3% +$1.62M
RSG icon
243
Republic Services
RSG
$64.5B
$553M 0.07%
2,748,975
+161,459
+6% +$33.4M
NSC icon
244
Norfolk Southern
NSC
$75.6B
$548M 0.07%
2,333,085
-74,560
-3% -$19M
PWR icon
245
Quanta Services
PWR
$102B
$545M 0.07%
1,724,210
+22,532
+1% +$7.25M
OKE icon
246
Oneok
OKE
$55.6B
$540M 0.07%
5,374,044
+613,896
+13% +$62.8M
COIN icon
247
Coinbase
COIN
$38.7B
$536M 0.07%
2,160,627
-371,468
-15% -$94.3M
GWW icon
248
W.W. Grainger
GWW
$64.7B
$536M 0.07%
508,429
-1,498
-0.3% -$1.69M
TYL icon
249
Tyler Technologies
TYL
$12.5B
$528M 0.07%
916,455
+14,339
+2% +$8.66M
CTSH icon
250
Cognizant
CTSH
$24.9B
$528M 0.07%
6,862,400
-345,306
-5% -$27M
8 9
10
11 12

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Norges Bank's Q4 2024 Portfolio in Review

As of Q4 2024, Norges Bank held 1,937 positions worth $762B, up 6.4% from $716B the previous quarter. Its ten largest holdings account for 33% of the portfolio.

Norges Bank deployed $33.5B of net new capital in Q4 2024, opening 98 new positions and adding to 915 existing holdings. Its largest new stake was StandardAero Inc: 5,025,103 shares worth $124M.

By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was T-Mobile US, an estimated $570M trimmed.

  • Norges Bank's largest Q4 2024 buy was StandardAero Inc: 5,025,103 shares worth $124M.
  • Norges Bank added most to NVIDIA in Q4 2024, an estimated $4.27B increase.
  • Norges Bank's biggest Q4 2024 reduction was T-Mobile US, cutting an estimated $570M.
  • Norges Bank fully exited CATALENT, INC. in Q4 2024, selling an estimated $290M.
  • Norges Bank's ten largest holdings make up 33% of its $762B portfolio in Q4 2024.
  • Norges Bank opened 98 new positions and closed 92 in Q4 2024.
  • Norges Bank's portfolio value rose 6.4% quarter-over-quarter to $762B.

Based on Norges Bank's 13F filing for Q4 2024, filed 12 Feb 2025.