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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
LHX icon
251
L3Harris
LHX
$51.6B
$370M 0.07%
1,892,480
+3,414
+0.2% +$653K
TRP icon
252
TC Energy
TRP
$70.2B
$369M 0.07%
9,141,058
-2,152,305
-19% -$87.9M
NTR icon
253
Nutrien
NTR
$33.2B
$368M 0.07%
6,234,938
+2,138
+0% +$136K
MDB icon
254
MongoDB
MDB
$27.1B
$366M 0.07%
890,043
+161,023
+22% +$47M
COF icon
255
Capital One
COF
$128B
$365M 0.07%
3,336,935
-231,061
-6% -$23.1M
MMM icon
256
3M
MMM
$90.9B
$361M 0.07%
4,312,947
+492,305
+13% +$41.8M
RYN icon
257
Rayonier
RYN
$6.55B
$361M 0.07%
12,656,769
+78,218
+0.6% +$2.18M
PSX icon
258
Phillips 66
PSX
$84.9B
$360M 0.07%
3,769,227
+44,579
+1% +$4.33M
PPG icon
259
PPG Industries
PPG
$24.6B
$359M 0.07%
2,423,952
+120,498
+5% +$16.8M
AON icon
260
Aon
AON
$76.5B
$358M 0.07%
1,038,053
-97,958
-9% -$31.8M
VEEV icon
261
Veeva Systems
VEEV
$33.1B
$358M 0.07%
1,808,840
+143,686
+9% +$26.2M
FAST icon
262
Fastenal
FAST
$54.7B
$356M 0.07%
12,067,928
+343,088
+3% +$9.39M
HAL icon
263
Halliburton
HAL
$26.9B
$354M 0.07%
10,744,404
-81,813
-0.8% -$2.58M
YUM icon
264
Yum! Brands
YUM
$42.2B
$353M 0.07%
2,550,347
+22,036
+0.9% +$2.99M
PCAR icon
265
PACCAR
PCAR
$69.8B
$347M 0.07%
4,143,726
-734,064
-15% -$54.3M
YUMC icon
266
Yum China
YUMC
$16.5B
$344M 0.07%
6,085,266
+672,550
+12% +$40.6M
KDP icon
267
Keurig Dr Pepper
KDP
$42.3B
$342M 0.07%
10,930,532
+1,801,431
+20% +$59.1M
VICI icon
268
VICI Properties
VICI
$29B
$338M 0.07%
10,746,765
+4,806,977
+81% +$154M
BABA icon
269
Alibaba
BABA
$293B
$332M 0.07%
3,988,837
-122,602
-3% -$10.7M
SLF icon
270
Sun Life Financial
SLF
$46B
$331M 0.07%
6,346,752
-1,436
-0% -$70.6K
CM icon
271
Canadian Imperial Bank of Commerce
CM
$108B
$330M 0.07%
7,730,882
+240,373
+3% +$10.2M
MRVL icon
272
Marvell Technology
MRVL
$168B
$330M 0.07%
5,519,795
-323,457
-6% -$15.7M
CUBE icon
273
CubeSmart
CUBE
$9.39B
$328M 0.06%
7,338,967
+87,290
+1% +$3.96M
LEN icon
274
Lennar Class A
LEN
$19.8B
$327M 0.06%
2,697,587
+122,941
+5% +$13.4M
DOW icon
275
Dow Inc
DOW
$21.9B
$324M 0.06%
6,090,515
+350,386
+6% +$18.6M
9 10
11
12 13

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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.