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 |
NVIDIA
NVDA
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.8% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
501
Pembina Pipeline
PBA
$28.1B
| $214M | 0.02% |
+5,609,272
| New | +$216M |
|
|
PPL
502
PPL Corp
PPL
$25.9B
| $214M | 0.02% |
+6,101,122
| New | +$220M |
|
503
Trimble
TRMB
$14.3B
| $213M | 0.02% |
+2,720,271
| New | +$217M |
|
504
Snap-on
SNA
$20.5B
| $211M | 0.02% |
+611,764
| New | +$209M |
|
|
MDLN
505
Medline Inc
MDLN
$30.4B
| $210M | 0.02% |
+5,000,000
| New | +$211M |
|
506
PPG Industries
PPG
$25.2B
| $209M | 0.02% |
+2,043,285
| New | +$205M |
|
507
Performance Food Group
PFGC
$16B
| $208M | 0.02% |
+2,315,060
| New | +$224M |
|
508
Reliance Steel & Aluminium
RS
$20B
| $208M | 0.02% |
+718,976
| New | +$202M |
|
509
F5
FFIV
$23.2B
| $206M | 0.02% |
+805,870
| New | +$217M |
|
510
Aecom
ACM
$8.52B
| $205M | 0.02% |
+2,155,657
| New | +$254M |
|
511
TechnipFMC
FTI
$29.9B
| $205M | 0.02% |
+4,611,043
| New | +$195M |
|
512
XPO
XPO
$22.4B
| $204M | 0.02% |
+1,503,231
| New | +$205M |
|
|
SNV
513
DELISTED
Synovus
SNV
| $204M | 0.02% |
+4,077,131
| New | +$196M |
|
514
Toast
TOST
$20.3B
| $203M | 0.02% |
+5,711,282
| New | +$206M |
|
515
JB Hunt Transport Services
JBHT
$24.7B
| $201M | 0.02% |
+1,032,144
| New | +$177M |
|
516
IonQ
IONQ
$17.2B
| $200M | 0.02% |
+4,451,819
| New | +$249M |
|
517
East-West Bancorp
EWBC
$17.8B
| $200M | 0.02% |
+1,775,323
| New | +$188M |
|
518
Universal Health Services
UHS
$10.2B
| $199M | 0.02% |
+914,294
| New | +$202M |
|
519
ATI
ATI
$29.2B
| $199M | 0.02% |
+1,732,195
| New | +$169M |
|
520
Crane Co
CR
$12.1B
| $199M | 0.02% |
+1,076,339
| New | +$200M |
|
521
AST SpaceMobile
ASTS
$18.4B
| $198M | 0.02% |
+2,729,868
| New | +$195M |
|
522
Magna International
MGA
$17.6B
| $198M | 0.02% |
+3,707,113
| New | +$181M |
|
523
Trade Desk
TTD
$6.31B
| $198M | 0.02% |
+5,204,166
| New | +$231M |
|
524
Liberty Media Series C
FWONK
$25.6B
| $196M | 0.02% |
+1,987,228
| New | +$195M |
|
525
Revolution Medicines
RVMD
$47.4B
| $196M | 0.02% |
+2,455,347
| New | +$161M |
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.