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
|
+$1.7B |
| 2 |
Apple
AAPL
|
+$1.61B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$1.17B |
| 4 |
Capital One
COF
|
+$865M |
| 5 |
Tesla
TSLA
|
+$812M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.89B |
| 2 |
Sea Limited
SE
|
+$1.15B |
| 3 |
NextEra Energy
NEE
|
+$1.06B |
| 4 |
DFS
Discover Financial Services
DFS
|
+$847M |
| 5 |
Sempra
SRE
|
+$708M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.63% |
| 2 | Financials | 15.4% |
| 3 | Consumer Discretionary | 10.72% |
| 4 | Communication Services | 9.72% |
| 5 | Healthcare | 9.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
Stellantis
STLA
$19.9B
| $385M | 0.05% |
38,377,092
-10,836,519
| -22% | -$107M |
|
327
Veeva Systems
VEEV
$45.8B
| $384M | 0.05% |
1,334,345
+5,807
| +0.4% | +$1.44M |
|
328
Coca-Cola Europacific Partners
CCEP
$47.4B
| $381M | 0.05% |
4,114,876
+265,864
| +7% | +$23.8M |
|
329
Atlassian
TEAM
$47B
| $378M | 0.05% |
1,860,229
+472,988
| +34% | +$98.5M |
|
330
Huntington Bancshares
HBAN
$34.1B
| $374M | 0.05% |
22,343,306
+2,152,195
| +11% | +$32.5M |
|
331
Old Dominion Freight Line
ODFL
$41.5B
| $372M | 0.05% |
2,291,812
-47,311
| -2% | -$7.55M |
|
332
Rockwell Automation
ROK
$48.1B
| $369M | 0.05% |
1,109,597
+150,364
| +16% | +$42.8M |
|
333
W.R. Berkley
WRB
$25.4B
| $368M | 0.05% |
5,007,772
+250,150
| +5% | +$17.9M |
|
334
Fair Isaac
FICO
$25B
| $366M | 0.05% |
200,131
-28,714
| -13% | -$53.9M |
|
335
Sun Life Financial
SLF
$43.8B
| $363M | 0.05% |
5,450,205
-927,675
| -15% | -$56.9M |
|
336
DraftKings
DKNG
$12B
| $363M | 0.05% |
8,453,101
+696,324
| +9% | +$25M |
|
337
PPG Industries
PPG
$25.2B
| $362M | 0.05% |
3,186,037
-46,766
| -1% | -$5.06M |
|
338
Mettler-Toledo International
MTD
$28.2B
| $360M | 0.05% |
306,563
+3,831
| +1% | +$4.28M |
|
339
Fortive
FTV
$18.1B
| $358M | 0.04% |
6,859,817
-353,036
| -5% | -$18.5M |
|
|
FITB
340
Fifth Third Bancorp
FITB
$49.7B
| $357M | 0.04% |
8,690,486
-379,330
| -4% | -$14.2M |
|
341
HEICO Corp Class A
HEI.A
$35.1B
| $357M | 0.04% |
1,378,142
+13,992
| +1% | +$3.06M |
|
342
Raymond James Financial
RJF
$33.9B
| $354M | 0.04% |
2,311,050
+74,765
| +3% | +$10.7M |
|
343
Lincoln Electric
LECO
$15.8B
| $354M | 0.04% |
1,707,810
+35,477
| +2% | +$6.78M |
|
344
SBA Communications
SBAC
$19.8B
| $351M | 0.04% |
1,494,993
+131,497
| +10% | +$30.1M |
|
345
Roblox
RBLX
$27.3B
| $351M | 0.04% |
3,333,838
+557,897
| +20% | +$43.8M |
|
346
Datadog
DDOG
$87.2B
| $348M | 0.04% |
2,588,611
-593,457
| -19% | -$65.7M |
|
347
Wabtec
WAB
$50.2B
| $347M | 0.04% |
1,658,436
-178,743
| -10% | -$34.4M |
|
348
Ventas
VTR
$47.6B
| $345M | 0.04% |
5,459,059
+3,759
| +0.1% | +$245K |
|
349
American Water Works
AWK
$27.2B
| $345M | 0.04% |
2,477,502
+50,813
| +2% | +$7.28M |
|
350
Emcor
EME
$34.2B
| $345M | 0.04% |
644,147
+16,992
| +3% | +$7.5M |
|
Similar funds
Norges Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Norges Bank held 1,794 positions worth $801B, up 12% from $712B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank's Q2 2025 filing shows 51 new, 783 increased, 711 reduced and 87 closed positions. Its largest new stake was Amrize Ltd: 13,445,492 shares worth $671M. The largest sale was Alphabet (Google) Class A, an estimated $1.89B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q2 2025 buy was Amrize Ltd: 13,445,492 shares worth $671M.
- Norges Bank added most to NVIDIA in Q2 2025, an estimated $1.7B increase.
- Norges Bank's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.89B.
- Norges Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $847M.
- Norges Bank's ten largest holdings make up 33% of its $801B portfolio in Q2 2025.
- Norges Bank opened 51 new positions and closed 87 in Q2 2025.
- Norges Bank's portfolio value rose 12% quarter-over-quarter to $801B.
Based on Norges Bank's 13F filing for Q2 2025, filed 13 Aug 2025.