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 | |
|---|---|---|---|---|---|---|
476
TAL Education Group
TAL
$6.93B
| $90.3M | 0.03% |
3,385,096
+562,008
| +20% | +$14.9M |
|
|
CMA
477
DELISTED
Comerica
CMA
| $89.9M | 0.03% |
1,308,680
+120,918
| +10% | +$9.61M |
|
478
Everest Group
EG
$14.5B
| $89.9M | 0.03% |
412,648
| – | – |
|
479
Old Dominion Freight Line
ODFL
$44.1B
| $89.8M | 0.03% |
2,180,640
-13,107
| -0.6% | -$581K |
|
480
Delta Air Lines
DAL
$57.5B
| $89.8M | 0.03% |
1,798,822
| – | – |
|
481
Dover
DOV
$27.6B
| $89.4M | 0.03% |
1,260,344
-42,617
| -3% | -$3.48M |
|
|
SIVB
482
DELISTED
SVB Financial Group
SIVB
| $89.4M | 0.03% |
470,731
+59,540
| +14% | +$14.6M |
|
483
Amdocs
DOX
$5.92B
| $89.2M | 0.03% |
1,522,773
-9,488
| -0.6% | -$595K |
|
484
Celanese
CE
$4.9B
| $89M | 0.03% |
989,054
-121,362
| -11% | -$11.9M |
|
485
Cboe Global Markets
CBOE
$32.5B
| $88.9M | 0.03% |
908,331
| – | – |
|
|
DATA
486
DELISTED
Tableau Software, Inc.
DATA
| $88.7M | 0.03% |
739,240
+55,685
| +8% | +$6.23M |
|
487
Rogers Communications
RCI
$18.3B
| $88.7M | 0.03% |
1,730,998
| – | – |
|
488
Regency Centers
REG
$14.7B
| $88.3M | 0.03% |
1,505,012
-7,780
| -0.5% | -$487K |
|
489
Ingersoll Rand
IR
$32.6B
| $86.9M | 0.03% |
4,249,361
+1,584,723
| +59% | +$38.9M |
|
490
NVR
NVR
$16.5B
| $86.4M | 0.03% |
35,467
-210
| -0.6% | -$496K |
|
491
United Airlines
UAL
$39.4B
| $86.1M | 0.03% |
1,028,468
+48,921
| +5% | +$4.3M |
|
492
American Airlines Group
AAL
$10.1B
| $86M | 0.03% |
2,678,723
-36,727
| -1% | -$1.28M |
|
493
NIO
NIO
$12.2B
| $86M | 0.03% |
13,500,000
-6,250,000
| -32% | -$43.5M |
|
494
Western Union
WU
$1.98B
| $85.8M | 0.03% |
5,031,668
| – | – |
|
495
Jack Henry & Associates
JKHY
$10.9B
| $85.8M | 0.03% |
678,435
+30,312
| +5% | +$4.31M |
|
|
Y
496
DELISTED
Alleghany Corp
Y
| $85.6M | 0.03% |
137,307
| – | – |
|
|
JNPR
497
DELISTED
Juniper Networks
JNPR
| $85.6M | 0.03% |
3,179,783
+145,219
| +5% | +$4.11M |
|
498
Globe Life
GL
$14.2B
| $85.3M | 0.03% |
1,144,898
+74,767
| +7% | +$6.21M |
|
499
Encompass Health
EHC
$11B
| $85.2M | 0.03% |
1,735,138
| – | – |
|
500
MarketAxess Holdings
MKTX
$5.71B
| $84.5M | 0.03% |
400,022
+38,109
| +11% | +$7.89M |
|
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.