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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
+10.92%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$457B
AUM Growth
+$42.1B
Cap. Flow
+$9.97B
Cap. Flow %
2.18%
Top 10 Hldgs %
24.1%
Holding
2,211
New
81
Increased
1,022
Reduced
782
Closed
124

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$764M
2
UBS icon
UBS Group
UBS
+$753M
3
AAPL icon
Apple
AAPL
+$665M
4
JPM icon
JPMorgan Chase
JPM
+$621M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$498M

Top Sells

Rank Stock Value
1
BAC icon
Bank of America
BAC
+$811M
2
ORCL icon
Oracle
ORCL
+$505M
3
TMUS icon
T-Mobile US
TMUS
+$390M
4
DB icon
Deutsche Bank
DB
+$275M
5
GE icon
GE Aerospace
GE
+$240M

Sector Composition

Rank Sector Weight
1 Technology 26.11%
2 Financials 13.76%
3 Healthcare 13.71%
4 Consumer Discretionary 10.81%
5 Communication Services 7.98%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NIO icon
401
NIO
NIO
$11.7B
$178M 0.04%
16,932,667
+1,000,000
+6% +$10.2M
AFL icon
402
Aflac
AFL
$63.7B
$177M 0.04%
2,748,678
+310,310
+13% +$21.2M
DASH icon
403
DoorDash
DASH
$89.6B
$177M 0.04%
2,787,143
+68,572
+3% +$3.93M
COO icon
404
Cooper Companies
COO
$14.5B
$177M 0.04%
1,892,008
+112,292
+6% +$9.65M
NET icon
405
Cloudflare
NET
$105B
$176M 0.04%
2,860,591
+104,740
+4% +$5.73M
AQUA
406
DELISTED
Evoqua Water Technologies Corp. Common Stock
AQUA
$175M 0.04%
3,517,000
+2,554,366
+265% +$119M
CSL icon
407
Carlisle Companies
CSL
$15.3B
$174M 0.04%
767,498
-248,953
-24% -$60.5M
NVR icon
408
NVR
NVR
$17.1B
$173M 0.04%
31,047
+1,035
+3% +$5.34M
WRB icon
409
W.R. Berkley
WRB
$26.7B
$173M 0.04%
4,166,425
+50,262
+1% +$2.25M
RJF icon
410
Raymond James Financial
RJF
$34.7B
$173M 0.04%
1,853,634
-81,459
-4% -$8.63M
AVY icon
411
Avery Dennison
AVY
$13.3B
$172M 0.04%
961,338
+111,684
+13% +$20.3M
PINS icon
412
Pinterest
PINS
$13.2B
$172M 0.04%
6,307,027
+139,500
+2% +$3.61M
EPAM icon
413
EPAM Systems
EPAM
$5.7B
$172M 0.04%
574,729
+21,255
+4% +$6.85M
HWM icon
414
Howmet Aerospace
HWM
$117B
$171M 0.04%
4,043,016
+633,242
+19% +$25.9M
MKC icon
415
McCormick & Company Non-Voting
MKC
$14.1B
$170M 0.04%
2,045,186
+251,239
+14% +$19.2M
MDB icon
416
MongoDB
MDB
$30.2B
$170M 0.04%
729,020
-21,512
-3% -$4.51M
HBAN icon
417
Huntington Bancshares
HBAN
$35.6B
$169M 0.04%
15,113,452
-209,162
-1% -$2.91M
CINF icon
418
Cincinnati Financial
CINF
$27.2B
$168M 0.04%
1,496,079
+35,149
+2% +$4M
WAB icon
419
Wabtec
WAB
$50.1B
$168M 0.04%
1,658,355
-19,008
-1% -$1.94M
UL icon
420
Unilever
UL
$139B
$167M 0.04%
2,865,605
-344,889
-11% -$19.6M
SSNC icon
421
SS&C Technologies
SSNC
$18.6B
$167M 0.04%
2,961,538
+568,722
+24% +$32.8M
JBHT icon
422
JB Hunt Transport Services
JBHT
$25.7B
$167M 0.04%
952,748
+125,788
+15% +$22.9M
FICO icon
423
Fair Isaac
FICO
$23.8B
$165M 0.04%
234,787
+66,785
+40% +$44.4M
GRMN
424
Garmin
GRMN
$58.7B
$164M 0.04%
1,625,306
+58,057
+4% +$5.67M
ACM icon
425
Aecom
ACM
$9.61B
$164M 0.04%
1,940,468
-584,284
-23% -$50.4M
15 16
17
18 19

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Norges Bank's Q1 2023 Portfolio in Review

As of Q1 2023, Norges Bank held 2,211 positions worth $457B, up 10% from $415B the previous quarter. Its ten largest holdings account for 24% of the portfolio.

Norges Bank's Q1 2023 filing shows 81 new, 1,022 increased, 782 reduced and 124 closed positions. Its largest new stake was GE HealthCare: 2,602,917 shares worth $214M. The largest sale was Bank of America, an estimated $811M.

By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 23% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q1 2023 buy was GE HealthCare: 2,602,917 shares worth $214M.
  • Norges Bank added most to Microsoft in Q1 2023, an estimated $764M increase.
  • Norges Bank's biggest Q1 2023 reduction was Bank of America, cutting an estimated $811M.
  • Norges Bank fully exited SVB Financial Group in Q1 2023, selling an estimated $141M.
  • Norges Bank's ten largest holdings make up 24% of its $457B portfolio in Q1 2023.
  • Norges Bank opened 81 new positions and closed 124 in Q1 2023.
  • Norges Bank's portfolio value rose 10% quarter-over-quarter to $457B.

Based on Norges Bank's 13F filing for Q1 2023, filed 15 May 2023.