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
|
+$1.7B |
| 2 |
Apple
AAPL
|
+$1.61B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$1.17B |
| 4 |
Capital One
COF
|
+$865M |
| 5 |
Tesla
TSLA
|
+$812M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.89B |
| 2 |
Sea Limited
SE
|
+$1.15B |
| 3 |
NextEra Energy
NEE
|
+$1.06B |
| 4 |
DFS
Discover Financial Services
DFS
|
+$847M |
| 5 |
Sempra
SRE
|
+$708M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.63% |
| 2 | Financials | 15.4% |
| 3 | Consumer Discretionary | 10.72% |
| 4 | Communication Services | 9.72% |
| 5 | Healthcare | 9.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
526
Reinsurance Group of America
RGA
$16.1B
| $168M | 0.02% |
846,720
+26,506
| +3% | +$5.17M |
|
527
Zebra Technologies
ZBRA
$17.1B
| $167M | 0.02% |
540,763
-20,186
| -4% | -$5.48M |
|
528
Baxter International
BAX
$13.4B
| $166M | 0.02% |
5,468,824
+860,881
| +19% | +$26.1M |
|
529
Equity Lifestyle Properties
ELS
$12.4B
| $165M | 0.02% |
2,673,301
+85,437
| +3% | +$5.45M |
|
530
Rocket Lab Corp
RKLB
$43.2B
| $165M | 0.02% |
4,605,830
+588,614
| +15% | +$14.4M |
|
531
MongoDB
MDB
$35.4B
| $164M | 0.02% |
782,598
+35,836
| +5% | +$6.62M |
|
532
SoFi Technologies
SOFI
$24.8B
| $164M | 0.02% |
9,009,753
+638,671
| +8% | +$8.42M |
|
533
Performance Food Group
PFGC
$16B
| $164M | 0.02% |
1,874,401
-771,010
| -29% | -$64.2M |
|
534
Owens Corning
OC
$11.4B
| $164M | 0.02% |
1,190,510
-17,896
| -1% | -$2.47M |
|
535
Manhattan Associates
MANH
$13B
| $163M | 0.02% |
823,136
+85,129
| +12% | +$15.5M |
|
536
monday.com
MNDY
$4.21B
| $161M | 0.02% |
512,318
+20,417
| +4% | +$5.68M |
|
537
Camden Property Trust
CPT
$12.2B
| $160M | 0.02% |
1,421,746
+95,249
| +7% | +$11M |
|
538
Jones Lang LaSalle
JLL
$17.4B
| $160M | 0.02% |
626,270
+6,385
| +1% | +$1.46M |
|
539
Zillow
ZG
$8.17B
| $160M | 0.02% |
2,332,747
+22,375
| +1% | +$1.48M |
|
540
Texas Roadhouse
TXRH
$13.1B
| $159M | 0.02% |
848,443
+19,354
| +2% | +$3.47M |
|
541
Qiagen
QGEN
$9.03B
| $159M | 0.02% |
3,295,263
-67,738
| -2% | -$2.95M |
|
542
Icon
ICLR
$13.1B
| $159M | 0.02% |
1,090,679
+48,082
| +5% | +$6.82M |
|
543
The Mosaic Company
MOS
$7.55B
| $158M | 0.02% |
4,333,473
-587,369
| -12% | -$18.8M |
|
544
Stantec
STN
$8.4B
| $158M | 0.02% |
1,450,541
+30,920
| +2% | +$2.98M |
|
545
Globe Life
GL
$13.5B
| $158M | 0.02% |
1,268,980
+98,281
| +8% | +$11.9M |
|
546
Evercore
EVR
$11.2B
| $157M | 0.02% |
581,678
+82,333
| +16% | +$18.1M |
|
547
Terreno Realty
TRNO
$7.31B
| $157M | 0.02% |
2,791,591
+921,377
| +49% | +$52.7M |
|
548
IDEX
IEX
$17.2B
| $156M | 0.02% |
888,585
-93,126
| -9% | -$16.5M |
|
549
PTC
PTC
$17.2B
| $156M | 0.02% |
903,292
+251,773
| +39% | +$40.6M |
|
550
Align Technology
ALGN
$11.3B
| $155M | 0.02% |
820,243
-58,054
| -7% | -$10.3M |
|
Similar funds
Norges Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Norges Bank held 1,794 positions worth $801B, up 12% from $712B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank's Q2 2025 filing shows 51 new, 783 increased, 711 reduced and 87 closed positions. Its largest new stake was Amrize Ltd: 13,445,492 shares worth $671M. The largest sale was Alphabet (Google) Class A, an estimated $1.89B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q2 2025 buy was Amrize Ltd: 13,445,492 shares worth $671M.
- Norges Bank added most to NVIDIA in Q2 2025, an estimated $1.7B increase.
- Norges Bank's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.89B.
- Norges Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $847M.
- Norges Bank's ten largest holdings make up 33% of its $801B portfolio in Q2 2025.
- Norges Bank opened 51 new positions and closed 87 in Q2 2025.
- Norges Bank's portfolio value rose 12% quarter-over-quarter to $801B.
Based on Norges Bank's 13F filing for Q2 2025, filed 13 Aug 2025.