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 | |
|---|---|---|---|---|---|---|
|
VMW
501
DELISTED
VMware, Inc
VMW
| $84.2M | 0.03% |
613,706
| – | – |
|
502
Icon
ICLR
$12.8B
| $84.1M | 0.03% |
651,092
| – | – |
|
503
CMS Energy
CMS
$22.7B
| $84.1M | 0.03% |
1,693,421
+41,545
| +3% | +$2.1M |
|
504
OGE Energy
OGE
$9.76B
| $84M | 0.03% |
2,143,895
| – | – |
|
|
HDS
505
DELISTED
HD Supply Holdings, Inc.
HDS
| $83.8M | 0.03% |
2,233,202
| – | – |
|
|
ATH
506
DELISTED
Athene Holding Ltd. Class A Common Shares
ATH
| $83.6M | 0.03% |
2,098,534
+103,502
| +5% | +$4.66M |
|
507
Zebra Technologies
ZBRA
$13.7B
| $83.3M | 0.03% |
523,266
+24,727
| +5% | +$4.12M |
|
508
CarMax
KMX
$8.33B
| $83.2M | 0.03% |
1,326,426
-11,794
| -0.9% | -$778K |
|
|
LSXMA
509
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $83.2M | 0.03% |
3,129,022
| – | – |
|
|
VAR
510
DELISTED
Varian Medical Systems, Inc.
VAR
| $83M | 0.03% |
732,131
| – | – |
|
|
GRMN
511
Garmin
GRMN
$57.4B
| $82.8M | 0.03% |
1,307,093
+36,461
| +3% | +$2.36M |
|
512
Wheaton Precious Metals
WPM
$51.5B
| $82.7M | 0.03% |
4,237,724
| – | – |
|
513
Gartner
IT
$10.2B
| $82.5M | 0.03% |
645,503
| – | – |
|
|
FL
514
DELISTED
Foot Locker
FL
| $82.4M | 0.03% |
1,549,637
| – | – |
|
|
GAP
515
The Gap Inc
GAP
$7.34B
| $82.3M | 0.03% |
3,196,683
+109,449
| +4% | +$2.92M |
|
516
Jazz Pharmaceuticals
JAZZ
$16.2B
| $82.3M | 0.03% |
663,958
| – | – |
|
517
Royal Gold
RGLD
$17.2B
| $82.1M | 0.03% |
958,703
-242,565
| -20% | -$18.7M |
|
518
Brown-Forman Class B
BF.B
$13.2B
| $81.9M | 0.03% |
1,721,520
-455,829
| -21% | -$21.7M |
|
519
Lennox International
LII
$14.5B
| $81.9M | 0.03% |
374,098
| – | – |
|
520
Packaging Corp of America
PKG
$22.2B
| $81.8M | 0.03% |
979,709
| – | – |
|
521
Tyler Technologies
TYL
$13.3B
| $81.7M | 0.03% |
439,539
+49,052
| +13% | +$9.69M |
|
|
NBL
522
DELISTED
Noble Energy, Inc.
NBL
| $81.5M | 0.03% |
4,341,769
+274,573
| +7% | +$7.03M |
|
523
Liberty Global Class A
LBTYA
$3.56B
| $81.3M | 0.03% |
3,811,706
-41,476
| -1% | -$1.02M |
|
|
VER
524
DELISTED
VEREIT, Inc.
VER
| $80.8M | 0.03% |
2,261,156
-45,570
| -2% | -$1.69M |
|
525
Agnico Eagle Mines
AEM
$75.4B
| $80.7M | 0.03% |
1,999,692
+57,488
| +3% | +$2.12M |
|
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.