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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
+9.95%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$507B
AUM Growth
+$49.8B
Cap. Flow
+$12.1B
Cap. Flow %
2.38%
Top 10 Hldgs %
27.24%
Holding
2,145
New
58
Increased
905
Reduced
790
Closed
138

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$1.04B
2
AMZN icon
Amazon
AMZN
+$902M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$877M
4
AAPL icon
Apple
AAPL
+$767M
5
NVDA icon
NVIDIA
NVDA
+$684M

Top Sells

Rank Stock Value
1
SHEL icon
Shell
SHEL
+$444M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$415M
3
QCOM icon
Qualcomm
QCOM
+$385M
4
SNPS icon
Synopsys
SNPS
+$314M
5
ACN icon
Accenture
ACN
+$249M

Sector Composition

Rank Sector Weight
1 Technology 27.89%
2 Financials 13.39%
3 Healthcare 13.16%
4 Consumer Discretionary 11.33%
5 Communication Services 8.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVR icon
376
NVR
NVR
$16.5B
$208M 0.04%
32,820
+1,773
+6% +$10.3M
MOH icon
377
Molina Healthcare
MOH
$10.2B
$208M 0.04%
689,858
+15,318
+2% +$4.4M
EXPE icon
378
Expedia Group
EXPE
$35.4B
$208M 0.04%
1,898,727
+470,446
+33% +$46.1M
VTR icon
379
Ventas
VTR
$48B
$207M 0.04%
4,388,124
+155,557
+4% +$7.05M
FMC icon
380
FMC
FMC
$1.34B
$207M 0.04%
1,987,607
+114,343
+6% +$12.9M
TRI icon
381
Thomson Reuters
TRI
$42.8B
$206M 0.04%
1,503,418
-281,007
-16% -$37.7M
PEG icon
382
Public Service Enterprise Group
PEG
$38.2B
$206M 0.04%
3,286,963
+177,379
+6% +$11.1M
HOLX
383
DELISTED
Hologic
HOLX
$205M 0.04%
2,530,379
+67,843
+3% +$5.54M
PFG icon
384
Principal Financial Group
PFG
$24.3B
$205M 0.04%
2,700,235
+58,981
+2% +$4.25M
EG icon
385
Everest Group
EG
$14.5B
$204M 0.04%
595,800
+174,404
+41% +$63M
RJF icon
386
Raymond James Financial
RJF
$33.8B
$202M 0.04%
1,946,782
+93,148
+5% +$8.65M
DASH icon
387
DoorDash
DASH
$85.5B
$201M 0.04%
2,633,156
-153,987
-6% -$10.2M
NDAQ icon
388
Nasdaq
NDAQ
$52.7B
$201M 0.04%
4,028,692
+32,754
+0.8% +$1.77M
KGC icon
389
Kinross Gold
KGC
$27.4B
$200M 0.04%
42,027,907
+27,759,246
+195% +$139M
GFL icon
390
GFL Environmental
GFL
$14.9B
$200M 0.04%
5,157,882
-714,781
-12% -$26M
LVS icon
391
Las Vegas Sands
LVS
$31.7B
$199M 0.04%
3,433,428
+194,098
+6% +$11.5M
MKC icon
392
McCormick & Company Non-Voting
MKC
$13.7B
$199M 0.04%
2,281,405
+236,219
+12% +$20.9M
OKE icon
393
Oneok
OKE
$57.2B
$198M 0.04%
3,212,883
+60,882
+2% +$3.77M
EA icon
394
Electronic Arts
EA
$53B
$198M 0.04%
1,526,512
-475,254
-24% -$60.2M
MKL icon
395
Markel Group
MKL
$23.3B
$198M 0.04%
143,044
+2,090
+1% +$2.8M
RIVN icon
396
Rivian
RIVN
$22B
$197M 0.04%
11,825,648
+6,629,013
+128% +$92.6M
STE icon
397
Steris
STE
$22.3B
$196M 0.04%
872,024
+97,140
+13% +$19.4M
LII icon
398
Lennox International
LII
$14.4B
$195M 0.04%
599,078
+364,146
+155% +$103M
SWKS icon
399
Skyworks Solutions
SWKS
$9.37B
$195M 0.04%
1,763,570
+106,204
+6% +$11.2M
KVUE icon
400
Kenvue
KVUE
$36.9B
$194M 0.04%
+7,326,131
New +$191M
14 15
16
17 18

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Norges Bank's Q2 2023 Portfolio in Review

As of Q2 2023, Norges Bank held 2,145 positions worth $507B, up 11% from $457B the previous quarter. Its ten largest holdings account for 27% of the portfolio.

Norges Bank's Q2 2023 filing shows 58 new, 905 increased, 790 reduced and 138 closed positions. Its largest new stake was Kenvue: 7,326,131 shares worth $194M. The largest sale was Shell, an estimated $444M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 26% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q2 2023 buy was Kenvue: 7,326,131 shares worth $194M.
  • Norges Bank added most to Microsoft in Q2 2023, an estimated $1.04B increase.
  • Norges Bank's biggest Q2 2023 reduction was Shell, cutting an estimated $444M.
  • Norges Bank fully exited Evoqua Water Technologies Corp. Common Stock in Q2 2023, selling an estimated $175M.
  • Norges Bank's ten largest holdings make up 27% of its $507B portfolio in Q2 2023.
  • Norges Bank opened 58 new positions and closed 138 in Q2 2023.
  • Norges Bank's portfolio value rose 11% quarter-over-quarter to $507B.

Based on Norges Bank's 13F filing for Q2 2023, filed 14 Aug 2023.