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 |
Linde
LIN
|
+$2.66B |
| 2 |
Cigna
CI
|
+$285M |
| 3 |
Boston Properties
BXP
|
+$242M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$242M |
| 5 |
Aptiv
APTV
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$646M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$543M |
| 3 |
PX
Praxair Inc
PX
|
+$305M |
| 4 |
COL
Rockwell Collins
COL
|
+$240M |
| 5 |
ANDV
Andeavor
ANDV
|
+$222M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 16.89% |
| 3 | Healthcare | 14.43% |
| 4 | Consumer Discretionary | 11.2% |
| 5 | Communication Services | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
426
Chipotle Mexican Grill
CMG
$49.4B
| $104M | 0.04% |
12,099,650
-302,650
| -2% | -$2.74M |
|
427
Teleflex
TFX
$5.86B
| $104M | 0.04% |
403,821
-718
| -0.2% | -$182K |
|
428
Cencora
COR
$60.7B
| $104M | 0.04% |
1,396,010
+153,963
| +12% | +$13.3M |
|
429
APA Corp
APA
$12.8B
| $104M | 0.04% |
3,955,098
-25,382
| -0.6% | -$936K |
|
430
Liberty Media Series C
FWONK
$25.1B
| $104M | 0.04% |
3,496,293
| – | – |
|
431
C.H. Robinson
CHRW
$17.3B
| $104M | 0.04% |
1,233,053
+230,204
| +23% | +$20.6M |
|
|
ETFC
432
DELISTED
E*Trade Financial Corporation
ETFC
| $104M | 0.04% |
2,360,489
-17,271
| -0.7% | -$846K |
|
|
FRC
433
DELISTED
First Republic Bank
FRC
| $103M | 0.04% |
1,187,047
| – | – |
|
434
Equifax
EFX
$20.7B
| $102M | 0.04% |
1,097,493
+122,137
| +13% | +$13M |
|
|
KSU
435
DELISTED
Kansas City Southern
KSU
| $102M | 0.04% |
1,069,387
| – | – |
|
436
Credicorp
BAP
$32B
| $101M | 0.04% |
457,539
+26,094
| +6% | +$5.77M |
|
437
BioMarin Pharmaceuticals
BMRN
$11.7B
| $101M | 0.04% |
1,187,724
+117,982
| +11% | +$11.2M |
|
438
Pembina Pipeline
PBA
$29.3B
| $101M | 0.04% |
3,409,153
+370,007
| +12% | +$12.3M |
|
439
Shopify
SHOP
$159B
| $101M | 0.04% |
7,299,510
+1,273,840
| +21% | +$17.9M |
|
440
Akamai
AKAM
$16.5B
| $100M | 0.04% |
1,640,772
+413,184
| +34% | +$27.5M |
|
441
Franklin Resources
BEN
$17.2B
| $100M | 0.04% |
3,377,676
-347,114
| -9% | -$10.7M |
|
442
Alexandria Real Estate Equities
ARE
$9.15B
| $99.6M | 0.04% |
864,265
+36,753
| +4% | +$4.48M |
|
443
Tapestry
TPR
$30.8B
| $99.6M | 0.04% |
2,950,129
| – | – |
|
444
Tractor Supply
TSCO
$15.8B
| $99.5M | 0.04% |
5,963,950
| – | – |
|
445
Thomson Reuters
TRI
$43.1B
| $99.2M | 0.04% |
1,951,043
-1,111,666
| -36% | -$59.6M |
|
|
IPG
446
DELISTED
Interpublic Group of Companies
IPG
| $99M | 0.04% |
4,800,969
| – | – |
|
447
Extra Space Storage
EXR
$31.3B
| $98.7M | 0.04% |
1,090,343
+277,196
| +34% | +$25.2M |
|
448
Tetra Tech
TTEK
$8.42B
| $98.5M | 0.04% |
9,512,205
+255,825
| +3% | +$3.17M |
|
|
TFCFA
449
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $98M | 0.04% |
2,037,303
| – | – |
|
|
TIF
450
DELISTED
Tiffany & Co.
TIF
| $98M | 0.04% |
1,216,809
+18,875
| +2% | +$1.92M |
|
Similar funds
Norges Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
- Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
- Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
- Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
- Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
- Norges Bank opened 36 new positions and closed 54 in Q4 2018.
- Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.
Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.