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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
+4.85%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$669B
AUM Growth
+$35.7B
Cap. Flow
+$16.5B
Cap. Flow %
2.46%
Top 10 Hldgs %
31.21%
Holding
2,011
New
126
Increased
838
Reduced
818
Closed
81

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$2.32B
2
AAPL icon
Apple
AAPL
+$2.24B
3
MSFT icon
Microsoft
MSFT
+$1.26B
4
AMZN icon
Amazon
AMZN
+$1.21B
5
XOM icon
ExxonMobil
XOM
+$882M

Top Sells

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$1.69B
2
PANW icon
Palo Alto Networks
PANW
+$614M
3
BKNG icon
Booking.com
BKNG
+$591M
4
EQIX icon
Equinix
EQIX
+$417M
5
MU icon
Micron Technology
MU
+$324M

Sector Composition

Rank Sector Weight
1 Technology 30.28%
2 Financials 13.68%
3 Healthcare 11.64%
4 Consumer Discretionary 10.49%
5 Communication Services 8.89%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FITB
326
Fifth Third Bancorp
FITB
$52.2B
$324M 0.05%
8,875,421
+300,683
+4% +$11M
TRP icon
327
TC Energy
TRP
$66.5B
$323M 0.05%
8,506,484
-183,988
-2% -$6.98M
HSY icon
328
Hershey
HSY
$36.1B
$321M 0.05%
1,745,934
-16,039
-0.9% -$3.1M
EL icon
329
Estee Lauder
EL
$31.5B
$319M 0.05%
2,999,069
-859,306
-22% -$113M
STLD icon
330
Steel Dynamics
STLD
$38.1B
$317M 0.05%
2,444,775
+25,814
+1% +$3.45M
SLF icon
331
Sun Life Financial
SLF
$45.3B
$314M 0.05%
6,396,719
-18,658
-0.3% -$947K
DPZ icon
332
Domino's
DPZ
$12.1B
$313M 0.05%
606,823
+206,049
+51% +$105M
GRMN
333
Garmin
GRMN
$58.3B
$313M 0.05%
1,918,563
+120,949
+7% +$19M
ARES icon
334
Ares Management
ARES
$31.5B
$310M 0.05%
2,322,878
+136,538
+6% +$18.6M
CHD icon
335
Church & Dwight Co
CHD
$24.6B
$309M 0.05%
2,980,872
+103,415
+4% +$10.9M
LII icon
336
Lennox International
LII
$15.4B
$307M 0.05%
574,129
+1,102
+0.2% +$543K
FSLR icon
337
First Solar
FSLR
$25.4B
$307M 0.05%
1,361,447
-376,002
-22% -$82M
LECO icon
338
Lincoln Electric
LECO
$15.2B
$307M 0.05%
1,627,063
+100,775
+7% +$21.9M
AWK icon
339
American Water Works
AWK
$26.7B
$306M 0.05%
2,368,482
+153,406
+7% +$19.4M
ICLR icon
340
Icon
ICLR
$12.6B
$304M 0.05%
969,886
+228,918
+31% +$71.7M
GPN icon
341
Global Payments
GPN
$23.9B
$304M 0.05%
3,142,565
+78,464
+3% +$8.65M
DECK icon
342
Deckers Outdoor
DECK
$13.5B
$303M 0.05%
1,880,574
+51,900
+3% +$7.98M
KHC icon
343
Kraft Heinz
KHC
$30.5B
$302M 0.05%
9,371,021
+7,877,189
+527% +$281M
AFL icon
344
Aflac
AFL
$63.9B
$301M 0.04%
3,367,028
+76,445
+2% +$6.57M
WRB icon
345
W.R. Berkley
WRB
$26.8B
$300M 0.04%
5,735,972
+1,058,945
+23% +$56.7M
TRGP icon
346
Targa Resources
TRGP
$55.8B
$300M 0.04%
2,332,507
+104,671
+5% +$12.3M
HPQ icon
347
HP
HPQ
$26.1B
$299M 0.04%
8,541,979
+3,027,747
+55% +$96.1M
BRO icon
348
Brown & Brown
BRO
$23.7B
$299M 0.04%
3,345,422
+294,419
+10% +$25.6M
BMRN icon
349
BioMarin Pharmaceuticals
BMRN
$11.7B
$298M 0.04%
3,619,503
+140,991
+4% +$11.7M
WAB icon
350
Wabtec
WAB
$50B
$296M 0.04%
1,870,853
+4,959
+0.3% +$792K
12 13
14
15 16

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Norges Bank's Q2 2024 Portfolio in Review

As of Q2 2024, Norges Bank held 2,011 positions worth $669B, up 5.6% from $634B the previous quarter. Its ten largest holdings account for 31% of the portfolio.

Norges Bank's Q2 2024 filing shows 126 new, 838 increased, 818 reduced and 81 closed positions. Its largest new stake was Ferrovial N.V. Ordinary Shares: 12,011,984 shares worth $462M. The largest sale was Alphabet (Google) Class C, an estimated $1.69B.

By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 28% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q2 2024 buy was Ferrovial N.V. Ordinary Shares: 12,011,984 shares worth $462M.
  • Norges Bank added most to Alphabet (Google) Class A in Q2 2024, an estimated $2.32B increase.
  • Norges Bank's biggest Q2 2024 reduction was Alphabet (Google) Class C, cutting an estimated $1.69B.
  • Norges Bank fully exited Shockwave Medical, Inc. Common Stock in Q2 2024, selling an estimated $168M.
  • Norges Bank's ten largest holdings make up 31% of its $669B portfolio in Q2 2024.
  • Norges Bank opened 126 new positions and closed 81 in Q2 2024.
  • Norges Bank's portfolio value rose 5.6% quarter-over-quarter to $669B.

Based on Norges Bank's 13F filing for Q2 2024, filed 14 Aug 2024.