Norges Bank Portfolio holdings
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.8% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
276
Steel Dynamics
STLD
$33.8B
| $565M | 0.06% |
+3,331,896
| New | +$529M |
|
277
Realty Income
O
$58.5B
| $559M | 0.06% |
+9,912,635
| New | +$574M |
|
|
FISV
278
Fiserv Inc
FISV
$28B
| $556M | 0.06% |
+8,276,976
| New | +$693M |
|
279
Charter Communications
CHTR
$17.7B
| $555M | 0.06% |
+2,660,518
| New | +$598M |
|
280
Stellantis
STLA
$19.9B
| $554M | 0.06% |
+49,885,233
| New | +$536M |
|
281
Public Service Enterprise Group
PEG
$36.5B
| $552M | 0.06% |
+6,877,714
| New | +$561M |
|
282
Equitable Holdings
EQH
$13.7B
| $551M | 0.06% |
+11,563,370
| New | +$548M |
|
283
Weyerhaeuser
WY
$17.1B
| $550M | 0.06% |
+23,196,766
| New | +$537M |
|
284
Agilent Technologies
A
$44.5B
| $549M | 0.06% |
+4,035,849
| New | +$580M |
|
285
Sysco
SYY
$39.5B
| $543M | 0.06% |
+7,365,716
| New | +$560M |
|
286
VICI Properties
VICI
$28.4B
| $538M | 0.06% |
+19,120,754
| New | +$568M |
|
287
Strategy Inc
MSTR
$54.6B
| $536M | 0.06% |
+3,528,397
| New | +$812M |
|
288
Deutsche Bank
DB
$75.3B
| $532M | 0.06% |
+13,705,195
| New | +$495M |
|
289
PG&E
PCG
$39.5B
| $532M | 0.06% |
+33,116,646
| New | +$529M |
|
290
Allstate
ALL
$65.1B
| $531M | 0.06% |
+2,552,457
| New | +$523M |
|
291
Nasdaq
NDAQ
$55.5B
| $530M | 0.06% |
+5,457,639
| New | +$491M |
|
292
MSCI
MSCI
$41.4B
| $529M | 0.06% |
+921,269
| New | +$517M |
|
293
Entergy
ETR
$49.7B
| $528M | 0.06% |
+5,715,816
| New | +$542M |
|
294
Kimberly-Clark
KMB
$36.6B
| $521M | 0.06% |
+5,165,862
| New | +$565M |
|
295
Mettler-Toledo International
MTD
$28.2B
| $521M | 0.06% |
+373,686
| New | +$522M |
|
296
W.W. Grainger
GWW
$62.2B
| $519M | 0.06% |
+514,304
| New | +$499M |
|
|
SNDK
297
Sandisk
SNDK
$217B
| $519M | 0.06% |
+2,185,899
| New | +$438M |
|
298
Kinross Gold
KGC
$38.6B
| $519M | 0.06% |
+18,414,288
| New | +$478M |
|
299
Brown & Brown
BRO
$23.9B
| $517M | 0.06% |
+6,484,778
| New | +$541M |
|
|
AXON
300
Axon Enterprise
AXON
$49.7B
| $516M | 0.06% |
+908,148
| New | +$564M |
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.