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 |
Walt Disney
DIS
|
+$382M |
| 2 |
Alibaba
BABA
|
+$346M |
| 3 |
Meta Platforms (Facebook)
META
|
+$240M |
| 4 |
Citigroup
C
|
+$223M |
| 5 |
Procter & Gamble
PG
|
+$194M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$631M |
| 2 |
Linde
LIN
|
+$310M |
| 3 |
Alcoa
AA
|
+$208M |
| 4 |
Blackrock
BLK
|
+$158M |
| 5 |
Oracle
ORCL
|
+$157M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.87% |
| 2 | Financials | 16.34% |
| 3 | Healthcare | 13.72% |
| 4 | Consumer Discretionary | 11.63% |
| 5 | Communication Services | 9.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
401
BioMarin Pharmaceuticals
BMRN
$11.6B
| $132M | 0.04% |
1,480,818
+293,094
| +25% | +$27.2M |
|
402
Cheniere Energy
LNG
$55.2B
| $131M | 0.04% |
1,915,476
| – | – |
|
403
Pembina Pipeline
PBA
$28.4B
| $130M | 0.04% |
3,542,380
+133,227
| +4% | +$4.72M |
|
404
Equifax
EFX
$20.3B
| $130M | 0.04% |
1,097,493
| – | – |
|
405
ResMed
RMD
$30.6B
| $129M | 0.04% |
1,239,617
+9,481
| +0.8% | +$979K |
|
406
Universal Health Services
UHS
$10.2B
| $129M | 0.04% |
962,072
| – | – |
|
|
TIF
407
DELISTED
Tiffany & Co.
TIF
| $128M | 0.04% |
1,216,809
| – | – |
|
408
Masco
MAS
$14.1B
| $128M | 0.04% |
3,266,622
| – | – |
|
409
Expeditors International
EXPD
$22B
| $128M | 0.04% |
1,680,794
| – | – |
|
410
J.M. Smucker
SJM
$12.7B
| $127M | 0.04% |
1,091,499
+93,440
| +9% | +$9.77M |
|
411
Cincinnati Financial
CINF
$27.3B
| $127M | 0.04% |
1,477,941
+84,735
| +6% | +$6.99M |
|
|
WRK
412
DELISTED
WestRock Company
WRK
| $127M | 0.04% |
3,300,712
-439,593
| -12% | -$17.2M |
|
413
Cencora
COR
$60.6B
| $126M | 0.04% |
1,580,769
+184,759
| +13% | +$14.8M |
|
414
Lyft
LYFT
$6.02B
| $125M | 0.04% |
+1,600,000
| New | +$125M |
|
415
Church & Dwight Co
CHD
$23.4B
| $125M | 0.04% |
1,756,646
+75,804
| +5% | +$4.99M |
|
416
Quest Diagnostics
DGX
$25.7B
| $125M | 0.04% |
1,387,375
| – | – |
|
417
Southwest Airlines
LUV
$22B
| $124M | 0.04% |
2,396,522
+132,355
| +6% | +$6.98M |
|
418
AGNC Investment
AGNC
$12.4B
| $124M | 0.04% |
6,884,730
-110,619
| -2% | -$1.98M |
|
419
Gen Digital
GEN
$16.4B
| $124M | 0.04% |
5,387,543
+245,114
| +5% | +$5.33M |
|
420
Hormel Foods
HRL
$13.8B
| $124M | 0.04% |
2,761,543
+236,849
| +9% | +$10.1M |
|
|
DISCK
421
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $123M | 0.04% |
4,857,048
| – | – |
|
422
Lennar Class A
LEN
$19.8B
| $123M | 0.04% |
2,593,901
+107,450
| +4% | +$4.86M |
|
|
KSU
423
DELISTED
Kansas City Southern
KSU
| $122M | 0.04% |
1,056,055
-13,332
| -1% | -$1.44M |
|
424
Teleflex
TFX
$6.05B
| $122M | 0.04% |
403,821
| – | – |
|
425
Mid-America Apartment Communities
MAA
$15.4B
| $122M | 0.04% |
1,115,215
+10,992
| +1% | +$1.13M |
|
Similar funds
Norges Bank's Q1 2019 Portfolio in Review
As of Q1 2019, Norges Bank held 2,169 positions worth $310B, up 15% from $269B the previous quarter. Its ten largest holdings account for 17% of the portfolio.
Trading was light in Q1 2019: portfolio turnover was 4.1%. Norges Bank opened 45 new positions and exited 43, leaving the 2,169-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 18% of assets, up from 17% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2019 buy was Fox Class B: 4,938,483 shares worth $177M.
- Norges Bank added most to Walt Disney in Q1 2019, an estimated $382M increase.
- Norges Bank's biggest Q1 2019 reduction was Linde, cutting an estimated $310M.
- Norges Bank fully exited Twenty-First Century Fox, Inc. Class B in Q1 2019, selling an estimated $631M.
- Norges Bank's ten largest holdings make up 17% of its $310B portfolio in Q1 2019.
- Norges Bank opened 45 new positions and closed 43 in Q1 2019.
- Norges Bank's portfolio value rose 15% quarter-over-quarter to $310B.
Based on Norges Bank's 13F filing for Q1 2019, filed 9 May 2019.