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 | |
|---|---|---|---|---|---|---|
376
VeriSign
VRSN
$26.6B
| $300M | 0.04% |
1,039,645
-21,912
| -2% | -$5.94M |
|
377
Synchrony
SYF
$26B
| $299M | 0.04% |
4,485,471
-644,844
| -13% | -$36.1M |
|
378
NiSource
NI
$19.6B
| $297M | 0.04% |
7,351,085
+1,982,731
| +37% | +$77.7M |
|
|
K
379
DELISTED
Kellanova
K
| $295M | 0.04% |
3,706,131
+228,551
| +7% | +$18.7M |
|
380
Brookfield Asset Management
BAM
$83.2B
| $295M | 0.04% |
5,323,829
+19,102
| +0.4% | +$1.03M |
|
381
Reddit
RDDT
$29.6B
| $294M | 0.04% |
1,954,269
+1,007,194
| +106% | +$114M |
|
382
Fortis
FTS
$28B
| $291M | 0.04% |
6,099,034
+1,429,636
| +31% | +$68.1M |
|
383
Flex
FLEX
$42.6B
| $291M | 0.04% |
5,836,569
-147,517
| -2% | -$5.75M |
|
384
Steris
STE
$22.7B
| $289M | 0.04% |
1,203,612
+28,462
| +2% | +$6.63M |
|
385
Markel Group
MKL
$22.4B
| $288M | 0.04% |
144,371
-3,215
| -2% | -$6.03M |
|
386
Interactive Brokers
IBKR
$43.7B
| $285M | 0.04% |
5,138,107
-393,125
| -7% | -$18.7M |
|
387
Biogen
BIIB
$32.7B
| $284M | 0.04% |
2,264,177
+110,791
| +5% | +$13.8M |
|
388
STAG Industrial
STAG
$7.15B
| $283M | 0.04% |
7,797,494
+2,704,248
| +53% | +$93.5M |
|
389
Atmos Energy
ATO
$28.3B
| $282M | 0.04% |
1,833,019
+400,113
| +28% | +$62.2M |
|
390
BP
BP
$109B
| $282M | 0.04% |
9,433,777
-6,793,604
| -42% | -$199M |
|
391
International Paper
IP
$21.1B
| $282M | 0.04% |
6,016,125
-1,488,427
| -20% | -$70.4M |
|
392
CGI
GIB
$15.4B
| $281M | 0.04% |
2,677,184
+64,502
| +2% | +$6.8M |
|
393
NetApp
NTAP
$37.4B
| $281M | 0.04% |
2,638,131
-43,436
| -2% | -$4.12M |
|
394
Coca-Cola Consolidated
COKE
$13B
| $281M | 0.04% |
2,513,832
+455,012
| +22% | +$54.9M |
|
395
LyondellBasell Industries
LYB
$20.4B
| $280M | 0.03% |
4,839,261
+3,348,835
| +225% | +$195M |
|
396
Natera
NTRA
$48.8B
| $278M | 0.03% |
1,644,068
+212,296
| +15% | +$33.1M |
|
397
Kraft Heinz
KHC
$29.8B
| $276M | 0.03% |
10,695,537
-603,373
| -5% | -$16.7M |
|
398
Northern Trust
NTRS
$34.1B
| $276M | 0.03% |
2,177,511
+358,008
| +20% | +$36.6M |
|
399
Thomson Reuters
TRI
$45.4B
| $275M | 0.03% |
1,345,717
+585,292
| +77% | +$111M |
|
400
Tractor Supply
TSCO
$18.1B
| $275M | 0.03% |
5,210,522
-257,280
| -5% | -$13.2M |
|
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.