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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
+7.37%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$437B
AUM Growth
+$8.51B
Cap. Flow
-$15.8B
Cap. Flow %
-3.62%
Top 10 Hldgs %
21.18%
Holding
2,241
New
131
Increased
505
Reduced
1,392
Closed
114

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$576M
2
FERG icon
Ferguson
FERG
+$574M
3
STLA icon
Stellantis
STLA
+$471M
4
IFF icon
International Flavors & Fragrances
IFF
+$425M
5
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$228M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$5.99B
2
AAPL icon
Apple
AAPL
+$1.07B
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$981M
4
TSLA icon
Tesla
TSLA
+$836M
5
TMUS icon
T-Mobile US
TMUS
+$723M

Sector Composition

Rank Sector Weight
1 Technology 22.86%
2 Financials 14.58%
3 Healthcare 12.62%
4 Consumer Discretionary 12.5%
5 Communication Services 10.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UL icon
301
Unilever
UL
$138B
$264M 0.06%
4,209,513
-1,163,058
-22% -$74.1M
DLTR icon
302
Dollar Tree
DLTR
$25.1B
$264M 0.06%
2,308,232
-27,606
-1% -$2.97M
HES
303
DELISTED
Hess
HES
$263M 0.06%
3,723,527
-196,663
-5% -$12.6M
EIX icon
304
Edison International
EIX
$27.2B
$262M 0.06%
4,472,842
-64,797
-1% -$3.8M
PCAR icon
305
PACCAR
PCAR
$71.6B
$261M 0.06%
4,218,992
+265,500
+7% +$16.6M
TAL icon
306
TAL Education Group
TAL
$6.65B
$261M 0.06%
4,849,079
-337,208
-7% -$24.7M
CRWD icon
307
CrowdStrike
CRWD
$215B
$261M 0.06%
5,718,064
-25,024
-0.4% -$1.32M
WORK
308
DELISTED
Slack Technologies, Inc.
WORK
$259M 0.06%
6,377,256
+2,153,470
+51% +$90.1M
EDU icon
309
New Oriental
EDU
$8.96B
$258M 0.06%
1,845,431
-96,978
-5% -$16.9M
TRMB icon
310
Trimble
TRMB
$13.9B
$256M 0.06%
3,286,061
+526,793
+19% +$38M
AWK icon
311
American Water Works
AWK
$26.6B
$255M 0.06%
1,700,279
-34,384
-2% -$5.21M
CDW icon
312
CDW
CDW
$19.7B
$254M 0.06%
1,532,003
-26,569
-2% -$3.97M
KKR icon
313
KKR & Co
KKR
$97.2B
$254M 0.06%
5,195,573
+211,949
+4% +$9.48M
HAL icon
314
Halliburton
HAL
$27B
$253M 0.06%
11,810,430
-365,127
-3% -$7.64M
AMH icon
315
American Homes 4 Rent
AMH
$12.4B
$253M 0.06%
7,588,476
+5,201,362
+218% +$162M
PTON icon
316
Peloton Interactive
PTON
$2.86B
$252M 0.06%
2,241,802
+176,638
+9% +$23.4M
VRSK icon
317
Verisk Analytics
VRSK
$25.1B
$252M 0.06%
1,426,357
+3,120
+0.2% +$571K
SUI icon
318
Sun Communities
SUI
$15B
$252M 0.06%
1,676,919
+671,809
+67% +$99.2M
WRK
319
DELISTED
WestRock Company
WRK
$252M 0.06%
4,832,221
+129,864
+3% +$6.06M
SYF icon
320
Synchrony
SYF
$25.7B
$251M 0.06%
6,170,790
-493,014
-7% -$19M
KSU
321
DELISTED
Kansas City Southern
KSU
$250M 0.06%
948,287
+30,038
+3% +$6.53M
URI icon
322
United Rentals
URI
$71.6B
$250M 0.06%
759,395
-21,186
-3% -$6M
LVS icon
323
Las Vegas Sands
LVS
$29.8B
$250M 0.06%
4,110,829
+48,693
+1% +$2.85M
LOGI icon
324
Logitech
LOGI
$15.6B
$247M 0.06%
2,358,830
-22,382
-0.9% -$2.35M
SIVB
325
DELISTED
SVB Financial Group
SIVB
$247M 0.06%
499,975
-9,923
-2% -$4.88M
11 12
13
14 15

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Norges Bank's Q1 2021 Portfolio in Review

As of Q1 2021, Norges Bank held 2,241 positions worth $437B, up 2% from $428B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

Norges Bank withdrew a net $15.8B in Q1 2021, closing 114 positions and reducing 1,392 holdings. Its most notable exit was Tiffany & Co., an estimated $229M position sold in full.

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

Against the trend, Norges Bank opened a new position in Ferguson worth $562M.

  • Norges Bank's largest Q1 2021 buy was Ferguson: 4,706,324 shares worth $562M.
  • Norges Bank added most to Alphabet (Google) Class A in Q1 2021, an estimated $576M increase.
  • Norges Bank's biggest Q1 2021 reduction was Alibaba, cutting an estimated $5.99B.
  • Norges Bank fully exited Tiffany & Co. in Q1 2021, selling an estimated $229M.
  • Norges Bank's ten largest holdings make up 21% of its $437B portfolio in Q1 2021.
  • Norges Bank opened 131 new positions and closed 114 in Q1 2021.
  • Norges Bank's portfolio value rose 2% quarter-over-quarter to $437B.

Based on Norges Bank's 13F filing for Q1 2021, filed 7 May 2021.