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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
+7.37%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$437B
AUM Growth
+$8.51B
Cap. Flow
-$15.8B
Cap. Flow %
-3.62%
Top 10 Hldgs %
21.18%
Holding
2,241
New
131
Increased
505
Reduced
1,392
Closed
114

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$576M
2
FERG icon
Ferguson
FERG
+$574M
3
STLA icon
Stellantis
STLA
+$471M
4
IFF icon
International Flavors & Fragrances
IFF
+$425M
5
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$228M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$5.99B
2
AAPL icon
Apple
AAPL
+$1.07B
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$981M
4
TSLA icon
Tesla
TSLA
+$836M
5
TMUS icon
T-Mobile US
TMUS
+$723M

Sector Composition

Rank Sector Weight
1 Technology 22.86%
2 Financials 14.58%
3 Healthcare 12.62%
4 Consumer Discretionary 12.5%
5 Communication Services 10.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QGEN icon
401
Qiagen
QGEN
$8.73B
$192M 0.04%
3,734,219
-53,035
-1% -$2.91M
NBIS
402
Nebius Group N.V.
NBIS
$57.3B
$191M 0.04%
2,985,136
-162,166
-5% -$10.9M
CPAY icon
403
Corpay
CPAY
$25.9B
$191M 0.04%
709,351
+6,032
+0.9% +$1.64M
PPLI
404
People Inc
PPLI
$3.45B
$190M 0.04%
1,612,260
+214,430
+15% +$26.6M
DKNG icon
405
DraftKings
DKNG
$11.7B
$190M 0.04%
3,102,035
+3,002,035
+3,002% +$180M
COR icon
406
Cencora
COR
$59.6B
$189M 0.04%
1,597,588
+31,394
+2% +$3.4M
KDP icon
407
Keurig Dr Pepper
KDP
$42.3B
$188M 0.04%
5,475,913
+2,358,173
+76% +$76.4M
CCEP icon
408
Coca-Cola Europacific Partners
CCEP
$46.9B
$188M 0.04%
3,605,081
-650,698
-15% -$33.1M
EFX icon
409
Equifax
EFX
$20.8B
$188M 0.04%
1,036,663
+9,954
+1% +$1.76M
MLM icon
410
Martin Marietta Materials
MLM
$33.4B
$187M 0.04%
556,423
+5,211
+0.9% +$1.66M
NTR icon
411
Nutrien
NTR
$32.1B
$186M 0.04%
3,445,826
-847,899
-20% -$46.1M
MKC icon
412
McCormick & Company Non-Voting
MKC
$14B
$185M 0.04%
2,080,497
+305,418
+17% +$27.2M
HUBS icon
413
HubSpot
HUBS
$12.7B
$184M 0.04%
404,229
+6,231
+2% +$2.74M
PFG icon
414
Principal Financial Group
PFG
$24.7B
$183M 0.04%
3,052,564
-85,471
-3% -$4.76M
CHD icon
415
Church & Dwight Co
CHD
$24.4B
$182M 0.04%
2,086,809
-257,398
-11% -$21.5M
FTNT icon
416
Fortinet
FTNT
$123B
$182M 0.04%
4,938,955
-2,194,895
-31% -$71.8M
WTRG icon
417
Essential Utilities
WTRG
$11.2B
$181M 0.04%
4,048,349
-308,201
-7% -$13.9M
ANSS
418
DELISTED
Ansys
ANSS
$181M 0.04%
533,425
+166,392
+45% +$59.1M
STLD icon
419
Steel Dynamics
STLD
$38B
$180M 0.04%
3,552,824
-200,316
-5% -$8.45M
CAH icon
420
Cardinal Health
CAH
$54.7B
$180M 0.04%
2,963,239
-140,364
-5% -$7.75M
COO icon
421
Cooper Companies
COO
$14.6B
$180M 0.04%
1,870,392
-60,252
-3% -$5.72M
DGX icon
422
Quest Diagnostics
DGX
$25.8B
$179M 0.04%
1,394,109
+12,914
+0.9% +$1.59M
TFX icon
423
Teleflex
TFX
$6.2B
$178M 0.04%
429,563
-7,557
-2% -$3.03M
QSR icon
424
Restaurant Brands International
QSR
$25.6B
$178M 0.04%
2,730,533
+186,553
+7% +$11.6M
LBRDK icon
425
Liberty Broadband Class C
LBRDK
$5.17B
$177M 0.04%
1,181,378
-220,872
-16% -$33.4M
15 16
17
18 19

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Norges Bank's Q1 2021 Portfolio in Review

As of Q1 2021, Norges Bank held 2,241 positions worth $437B, up 2% from $428B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

Norges Bank withdrew a net $15.8B in Q1 2021, closing 114 positions and reducing 1,392 holdings. Its most notable exit was Tiffany & Co., an estimated $229M position sold in full.

By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 23% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Norges Bank opened a new position in Ferguson worth $562M.

  • Norges Bank's largest Q1 2021 buy was Ferguson: 4,706,324 shares worth $562M.
  • Norges Bank added most to Alphabet (Google) Class A in Q1 2021, an estimated $576M increase.
  • Norges Bank's biggest Q1 2021 reduction was Alibaba, cutting an estimated $5.99B.
  • Norges Bank fully exited Tiffany & Co. in Q1 2021, selling an estimated $229M.
  • Norges Bank's ten largest holdings make up 21% of its $437B portfolio in Q1 2021.
  • Norges Bank opened 131 new positions and closed 114 in Q1 2021.
  • Norges Bank's portfolio value rose 2% quarter-over-quarter to $437B.

Based on Norges Bank's 13F filing for Q1 2021, filed 7 May 2021.