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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
-13.42%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$269B
AUM Growth
-$39.1B
Cap. Flow
+$7.83B
Cap. Flow %
2.91%
Top 10 Hldgs %
16.28%
Holding
2,178
New
36
Increased
834
Reduced
365
Closed
54

Top Buys

Rank Stock Value
1
LIN icon
Linde
LIN
+$2.66B
2
CI icon
Cigna
CI
+$285M
3
BXP icon
Boston Properties
BXP
+$242M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$242M
5
APTV icon
Aptiv
APTV
+$240M

Top Sells

Rank Stock Value
1
AET
Aetna Inc
AET
+$646M
2
ESRX
Express Scripts Holding Company
ESRX
+$543M
3
PX
Praxair Inc
PX
+$305M
4
COL
Rockwell Collins
COL
+$240M
5
ANDV
Andeavor
ANDV
+$222M

Sector Composition

Rank Sector Weight
1 Technology 17.08%
2 Financials 16.89%
3 Healthcare 14.43%
4 Consumer Discretionary 11.2%
5 Communication Services 9.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TRU icon
351
TransUnion
TRU
$15.4B
$132M 0.05%
2,330,955
+129,879
+6% +$8.3M
NEM icon
352
Newmont
NEM
$101B
$132M 0.05%
3,797,624
+182,756
+5% +$5.92M
K
353
DELISTED
Kellanova
K
$131M 0.05%
2,456,083
+190,385
+8% +$11.5M
NCLH icon
354
Norwegian Cruise Line
NCLH
$8.59B
$131M 0.05%
3,098,674
+1,164,413
+60% +$56.4M
GPN icon
355
Global Payments
GPN
$23.8B
$131M 0.05%
1,273,573
+202,969
+19% +$22.4M
KEY icon
356
KeyCorp
KEY
$24.2B
$130M 0.05%
8,817,453
+387,244
+5% +$6.82M
WAT icon
357
Waters Corp
WAT
$37.3B
$130M 0.05%
689,902
-13,722
-2% -$2.61M
LLL
358
DELISTED
L3 Technologies, Inc.
LLL
$130M 0.05%
745,762
+177,167
+31% +$34.1M
CBRE icon
359
CBRE Group
CBRE
$43.8B
$129M 0.05%
3,220,003
– –
DOC icon
360
Healthpeak Properties
DOC
$15.2B
$128M 0.05%
4,599,813
+210,600
+5% +$5.83M
CFG icon
361
Citizens Financial Group
CFG
$30.3B
$128M 0.05%
4,320,230
-31,624
-0.7% -$1.11M
KSS icon
362
Kohl's
KSS
$2.21B
$128M 0.05%
1,922,889
+90,088
+5% +$6.32M
PFG icon
363
Principal Financial Group
PFG
$24.5B
$126M 0.05%
2,859,125
-83,379
-3% -$4.1M
CHKP icon
364
Check Point Software Technologies
CHKP
$13.1B
$125M 0.05%
1,221,616
-32,481
-3% -$3.57M
ULTA icon
365
Ulta Beauty
ULTA
$22.2B
$125M 0.05%
511,411
– –
IQV icon
366
IQVIA
IQV
$39.1B
$125M 0.05%
1,072,616
+90,436
+9% +$11M
HST icon
367
Host Hotels & Resorts
HST
$17.2B
$124M 0.05%
7,420,671
+363,805
+5% +$6.81M
CAG icon
368
Conagra Brands
CAG
$7.19B
$123M 0.05%
5,767,662
+1,009,107
+21% +$32.6M
MRO
369
DELISTED
Marathon Oil Corporation
MRO
$123M 0.05%
8,559,720
-18,187
-0.2% -$325K
AGNC icon
370
AGNC Investment
AGNC
$12.7B
$123M 0.05%
6,995,349
+894,386
+15% +$15.9M
AOS icon
371
A.O. Smith
AOS
$8.24B
$122M 0.05%
2,868,679
+1,310,108
+84% +$60.3M
AJG icon
372
Arthur J. Gallagher & Co
AJG
$65.9B
$122M 0.05%
1,655,199
+72,952
+5% +$5.45M
SWKS icon
373
Skyworks Solutions
SWKS
$9.4B
$122M 0.05%
1,813,157
-218,698
-11% -$16.9M
LUMN icon
374
Lumen
LUMN
$6.76B
$121M 0.05%
7,985,615
-669,254
-8% -$12.8M
TCOM icon
375
Trip.com Group
TCOM
$29.3B
$121M 0.05%
4,469,801
+360,580
+9% +$11M
13 14
15
16 17

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Norges Bank's Q4 2018 Portfolio in Review

As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.

Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.

By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
  • Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
  • Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
  • Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
  • Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
  • Norges Bank opened 36 new positions and closed 54 in Q4 2018.
  • Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.

Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.