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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
+17.57%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$428B
AUM Growth
+$51.8B
Cap. Flow
-$935M
Cap. Flow %
-0.22%
Top 10 Hldgs %
22.21%
Holding
2,221
New
93
Increased
782
Reduced
898
Closed
111

Top Buys

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$445M
2
UL icon
Unilever
UL
+$365M
3
MS icon
Morgan Stanley
MS
+$281M
4
CRM icon
Salesforce
CRM
+$260M
5
QS icon
QuantumScape Corp
QS
+$238M

Top Sells

Rank Stock Value
1
UN
Unilever NV New York Registry Shares
UN
+$368M
2
AIG icon
American International
AIG
+$362M
3
MMM icon
3M
MMM
+$278M
4
LEA icon
Lear
LEA
+$269M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$268M

Sector Composition

Rank Sector Weight
1 Technology 23.44%
2 Consumer Discretionary 14.21%
3 Financials 13.78%
4 Healthcare 12.84%
5 Communication Services 10.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AVTR icon
301
Avantor
AVTR
$9.25B
$247M 0.06%
8,762,220
+3,739,584
+74% +$96.4M
KHC icon
302
Kraft Heinz
KHC
$31.6B
$244M 0.06%
7,031,493
-554,360
-7% -$18M
VLO icon
303
Valero Energy
VLO
$88.9B
$243M 0.06%
4,287,820
-160,682
-4% -$7.88M
LVS icon
304
Las Vegas Sands
LVS
$29.8B
$242M 0.06%
4,062,136
-499,214
-11% -$26.6M
MRNA icon
305
Moderna
MRNA
$22.8B
$241M 0.06%
2,306,050
+222,707
+11% +$22.5M
XYL icon
306
Xylem
XYL
$28.5B
$240M 0.06%
2,360,631
+7,477
+0.3% +$703K
SLB icon
307
SLB Ltd
SLB
$75.4B
$240M 0.06%
10,975,172
-3,676,267
-25% -$69.4M
DHI icon
308
D.R. Horton
DHI
$42.1B
$239M 0.06%
3,474,748
+78,398
+2% +$5.72M
AJG icon
309
Arthur J. Gallagher & Co
AJG
$63.6B
$239M 0.06%
1,932,403
+89,380
+5% +$10.2M
CBRE icon
310
CBRE Group
CBRE
$43.7B
$239M 0.06%
3,807,265
-101,685
-3% -$5.75M
TEAM icon
311
Atlassian
TEAM
$28B
$238M 0.06%
1,016,161
-103,586
-9% -$21.9M
ES icon
312
Eversource Energy
ES
$27.3B
$235M 0.06%
2,721,849
+100,163
+4% +$8.92M
FRC
313
DELISTED
First Republic Bank
FRC
$235M 0.05%
1,597,463
-36,943
-2% -$4.81M
PINS icon
314
Pinterest
PINS
$14.3B
$233M 0.05%
3,538,521
-407,038
-10% -$24.4M
TTWO icon
315
Take-Two Interactive
TTWO
$44.9B
$232M 0.05%
1,114,393
-45,023
-4% -$7.87M
SYF icon
316
Synchrony
SYF
$25.7B
$231M 0.05%
6,663,804
-268,173
-4% -$8.06M
SGEN
317
DELISTED
Seagen Inc. Common Stock
SGEN
$231M 0.05%
1,319,525
+233,791
+22% +$43.6M
LOGI icon
318
Logitech
LOGI
$15.6B
$231M 0.05%
2,381,212
-1,677,383
-41% -$145M
ROK icon
319
Rockwell Automation
ROK
$49.5B
$231M 0.05%
919,707
+15,033
+2% +$3.68M
COUP
320
DELISTED
Coupa Software Incorporated
COUP
$230M 0.05%
679,363
+43,100
+7% +$13.3M
HAL icon
321
Halliburton
HAL
$27B
$230M 0.05%
12,175,557
+3,260,906
+37% +$50.6M
RMD icon
322
ResMed
RMD
$32.4B
$230M 0.05%
1,080,104
+7,331
+0.7% +$1.46M
TCOM icon
323
Trip.com Group
TCOM
$29.5B
$229M 0.05%
6,787,997
-551,278
-8% -$18M
TIF
324
DELISTED
Tiffany & Co.
TIF
$229M 0.05%
1,741,599
+475,852
+38% +$60.9M
PCAR icon
325
PACCAR
PCAR
$71.6B
$227M 0.05%
3,953,491
-686,060
-15% -$40.3M
11 12
13
14 15

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Norges Bank's Q4 2020 Portfolio in Review

As of Q4 2020, Norges Bank held 2,221 positions worth $428B, up 14% from $376B the previous quarter. Its ten largest holdings account for 22% of the portfolio.

Norges Bank's Q4 2020 filing shows 93 new, 782 increased, 898 reduced and 111 closed positions. Its largest new stake was Unilever: 5,372,571 shares worth $365M. The largest sale was Unilever NV New York Registry Shares, an estimated $368M.

By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Norges Bank's largest Q4 2020 buy was Unilever: 5,372,571 shares worth $365M.
  • Norges Bank added most to Meta Platforms (Facebook) in Q4 2020, an estimated $445M increase.
  • Norges Bank's biggest Q4 2020 reduction was American International, cutting an estimated $362M.
  • Norges Bank fully exited Unilever NV New York Registry Shares in Q4 2020, selling an estimated $368M.
  • Norges Bank's ten largest holdings make up 22% of its $428B portfolio in Q4 2020.
  • Norges Bank opened 93 new positions and closed 111 in Q4 2020.
  • Norges Bank's portfolio value rose 14% quarter-over-quarter to $428B.

Based on Norges Bank's 13F filing for Q4 2020, filed 10 Feb 2021.