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 | |
|---|---|---|---|---|---|---|
326
Pultegroup
PHM
$24.1B
| $467M | 0.05% |
+3,979,641
| New | +$488M |
|
327
Biogen
BIIB
$32.7B
| $464M | 0.05% |
+2,638,834
| New | +$431M |
|
328
Arch Capital
ACGL
$33.7B
| $463M | 0.05% |
+4,829,107
| New | +$442M |
|
329
NetApp
NTAP
$37.4B
| $458M | 0.05% |
+4,277,338
| New | +$488M |
|
330
Royal Caribbean
RCL
$76.2B
| $457M | 0.05% |
+1,637,573
| New | +$463M |
|
331
Humana
HUM
$47.1B
| $457M | 0.05% |
+1,782,815
| New | +$467M |
|
332
Celestica
CLS
$40B
| $457M | 0.05% |
+1,543,679
| New | +$465M |
|
333
Interactive Brokers
IBKR
$43.7B
| $453M | 0.05% |
+7,046,279
| New | +$472M |
|
334
Workday
WDAY
$47.8B
| $449M | 0.05% |
+2,089,600
| New | +$475M |
|
335
BioMarin Pharmaceuticals
BMRN
$12.6B
| $448M | 0.05% |
+7,531,080
| New | +$410M |
|
336
Old Dominion Freight Line
ODFL
$41.5B
| $445M | 0.05% |
+2,837,904
| New | +$407M |
|
337
Cameco
CCJ
$46.3B
| $443M | 0.05% |
+4,841,376
| New | +$436M |
|
338
W.R. Berkley
WRB
$25.4B
| $436M | 0.05% |
+6,214,380
| New | +$458M |
|
339
Keysight
KEYS
$55.5B
| $436M | 0.05% |
+2,143,520
| New | +$398M |
|
340
Roblox
RBLX
$27.3B
| $435M | 0.05% |
+5,373,613
| New | +$571M |
|
341
Huntington Bancshares
HBAN
$34.1B
| $433M | 0.05% |
+24,932,767
| New | +$409M |
|
342
Ulta Beauty
ULTA
$23.2B
| $431M | 0.05% |
+712,323
| New | +$392M |
|
343
Teledyne Technologies
TDY
$29B
| $429M | 0.05% |
+839,316
| New | +$442M |
|
344
AngloGold Ashanti
AU
$59.9B
| $426M | 0.05% |
+4,950,857
| New | +$386M |
|
345
Aflac
AFL
$58.4B
| $420M | 0.04% |
+3,809,539
| New | +$420M |
|
346
Lincoln Electric
LECO
$15.8B
| $415M | 0.04% |
+1,732,412
| New | +$410M |
|
347
Nutrien
NTR
$34.9B
| $413M | 0.04% |
+6,685,047
| New | +$393M |
|
348
Carvana
CVNA
$53.3B
| $412M | 0.04% |
+4,885,285
| New | +$363M |
|
349
Wabtec
WAB
$50.2B
| $409M | 0.04% |
+1,916,324
| New | +$394M |
|
350
Coherent
COHR
$57.8B
| $409M | 0.04% |
+2,213,952
| New | +$331M |
|
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.