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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
+10.92%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$457B
AUM Growth
+$42.1B
Cap. Flow
+$9.97B
Cap. Flow %
2.18%
Top 10 Hldgs %
24.1%
Holding
2,211
New
81
Increased
1,022
Reduced
782
Closed
124

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$764M
2
UBS icon
UBS Group
UBS
+$753M
3
AAPL icon
Apple
AAPL
+$665M
4
JPM icon
JPMorgan Chase
JPM
+$621M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$498M

Top Sells

Rank Stock Value
1
BAC icon
Bank of America
BAC
+$811M
2
ORCL icon
Oracle
ORCL
+$505M
3
TMUS icon
T-Mobile US
TMUS
+$390M
4
DB icon
Deutsche Bank
DB
+$275M
5
GE icon
GE Aerospace
GE
+$240M

Sector Composition

Rank Sector Weight
1 Technology 26.11%
2 Financials 13.76%
3 Healthcare 13.71%
4 Consumer Discretionary 10.81%
5 Communication Services 7.98%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
YUMC icon
251
Yum China
YUMC
$16.3B
$343M 0.08%
5,412,716
+24,955
+0.5% +$1.51M
COF icon
252
Capital One
COF
$136B
$343M 0.08%
3,567,996
+142,008
+4% +$14.9M
HAL icon
253
Halliburton
HAL
$26.8B
$343M 0.08%
10,826,217
-793,727
-7% -$29.4M
CTSH icon
254
Cognizant
CTSH
$25.3B
$338M 0.07%
5,540,708
-1,006,113
-15% -$63M
MMM icon
255
3M
MMM
$94.2B
$336M 0.07%
3,820,642
+130,773
+4% +$12.3M
CUBE icon
256
CubeSmart
CUBE
$9.47B
$335M 0.07%
7,251,677
-46,935
-0.6% -$2.11M
YUM icon
257
Yum! Brands
YUM
$41.7B
$334M 0.07%
2,528,311
+67,046
+3% +$8.63M
CPRT icon
258
Copart
CPRT
$26.6B
$332M 0.07%
8,817,156
+379,714
+5% +$12.9M
DPZ icon
259
Domino's
DPZ
$12.1B
$324M 0.07%
981,310
-86,243
-8% -$28.7M
KKR icon
260
KKR & Co
KKR
$94.9B
$324M 0.07%
6,161,518
+588,758
+11% +$31.6M
KDP icon
261
Keurig Dr Pepper
KDP
$42.3B
$322M 0.07%
9,129,101
+1,374,008
+18% +$48.3M
DFS
262
DELISTED
Discover Financial Services
DFS
$319M 0.07%
3,232,111
-250,179
-7% -$26.8M
SUI icon
263
Sun Communities
SUI
$14.8B
$319M 0.07%
2,266,481
+61,423
+3% +$8.98M
CM icon
264
Canadian Imperial Bank of Commerce
CM
$108B
$318M 0.07%
7,490,509
-59,490
-0.8% -$2.61M
GWW icon
265
W.W. Grainger
GWW
$61B
$318M 0.07%
461,054
-4,190
-0.9% -$2.67M
REXR icon
266
Rexford Industrial Realty
REXR
$8.24B
$317M 0.07%
5,319,620
+134,427
+3% +$8.05M
FAST icon
267
Fastenal
FAST
$57.4B
$316M 0.07%
11,724,840
+373,626
+3% +$9.58M
KEYS icon
268
Keysight
KEYS
$58.1B
$315M 0.07%
1,951,901
+402,574
+26% +$68.3M
DOW icon
269
Dow Inc
DOW
$21.5B
$315M 0.07%
5,740,129
+315,365
+6% +$17.7M
WPM icon
270
Wheaton Precious Metals
WPM
$55.7B
$313M 0.07%
6,497,840
+278,129
+4% +$12.2M
PPG icon
271
PPG Industries
PPG
$26.4B
$308M 0.07%
2,303,454
-226,807
-9% -$29.3M
MELI icon
272
Mercado Libre
MELI
$97.3B
$306M 0.07%
232,354
+140,289
+152% +$160M
VEEV icon
273
Veeva Systems
VEEV
$34.5B
$306M 0.07%
1,665,154
+55,889
+3% +$9.53M
ALNY icon
274
Alnylam Pharmaceuticals
ALNY
$30.5B
$305M 0.07%
1,521,412
+508,566
+50% +$107M
CMI icon
275
Cummins
CMI
$90.2B
$304M 0.07%
1,272,987
+67,069
+6% +$16.4M
9 10
11
12 13

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Norges Bank's Q1 2023 Portfolio in Review

As of Q1 2023, Norges Bank held 2,211 positions worth $457B, up 10% from $415B the previous quarter. Its ten largest holdings account for 24% of the portfolio.

Norges Bank's Q1 2023 filing shows 81 new, 1,022 increased, 782 reduced and 124 closed positions. Its largest new stake was GE HealthCare: 2,602,917 shares worth $214M. The largest sale was Bank of America, an estimated $811M.

By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 23% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q1 2023 buy was GE HealthCare: 2,602,917 shares worth $214M.
  • Norges Bank added most to Microsoft in Q1 2023, an estimated $764M increase.
  • Norges Bank's biggest Q1 2023 reduction was Bank of America, cutting an estimated $811M.
  • Norges Bank fully exited SVB Financial Group in Q1 2023, selling an estimated $141M.
  • Norges Bank's ten largest holdings make up 24% of its $457B portfolio in Q1 2023.
  • Norges Bank opened 81 new positions and closed 124 in Q1 2023.
  • Norges Bank's portfolio value rose 10% quarter-over-quarter to $457B.

Based on Norges Bank's 13F filing for Q1 2023, filed 15 May 2023.