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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

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.

This Fund
S&P 500
This Quarter Est. Return
+9.95%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$507B
AUM Growth
+$49.8B
Cap. Flow
+$12.1B
Cap. Flow %
2.38%
Top 10 Hldgs %
27.24%
Holding
2,145
New
58
Increased
905
Reduced
790
Closed
138

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$1.04B
2
AMZN icon
Amazon
AMZN
+$902M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$877M
4
AAPL icon
Apple
AAPL
+$767M
5
NVDA icon
NVIDIA
NVDA
+$684M

Top Sells

Rank Stock Value
1
SHEL icon
Shell
SHEL
+$444M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$415M
3
QCOM icon
Qualcomm
QCOM
+$385M
4
SNPS icon
Synopsys
SNPS
+$314M
5
ACN icon
Accenture
ACN
+$249M

Sector Composition

Rank Sector Weight
1 Technology 27.89%
2 Financials 13.39%
3 Healthcare 13.16%
4 Consumer Discretionary 11.33%
5 Communication Services 8.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MKTX icon
551
MarketAxess Holdings
MKTX
$5.71B
$111M 0.02%
422,693
+20,006
+5% +$5.97M
TFX icon
552
Teleflex
TFX
$6.05B
$110M 0.02%
455,191
+24,079
+6% +$6.03M
GL icon
553
Globe Life
GL
$14.2B
$108M 0.02%
987,178
+11,403
+1% +$1.23M
OKTA icon
554
Okta
OKTA
$24.7B
$108M 0.02%
1,555,684
+81,271
+6% +$6.17M
TTC icon
555
Toro Company
TTC
$8.75B
$108M 0.02%
1,061,338
-40,053
-4% -$4.11M
USFD icon
556
US Foods
USFD
$22.2B
$108M 0.02%
2,443,719
+275,501
+13% +$10.9M
ROL icon
557
Rollins
ROL
$18.3B
$106M 0.02%
2,465,258
+9,095
+0.4% +$370K
OC icon
558
Owens Corning
OC
$11.2B
$106M 0.02%
808,873
+18,668
+2% +$2.05M
RTO icon
559
Rentokil
RTO
$11.8B
$106M 0.02%
2,705,486
– –
WDC icon
560
Western Digital
WDC
$188B
$105M 0.02%
3,674,736
+299,098
+9% +$8.32M
WTRG icon
561
Essential Utilities
WTRG
$11.3B
$105M 0.02%
2,636,074
-281,636
-10% -$11.8M
S icon
562
SentinelOne
S
$6.53B
$105M 0.02%
6,966,511
+4,516,592
+184% +$76.4M
ETR icon
563
Entergy
ETR
$50.2B
$105M 0.02%
2,160,572
+337,466
+19% +$17.5M
WSC icon
564
WillScot Mobile Mini Holdings
WSC
$4.39B
$105M 0.02%
2,195,988
+134,734
+7% +$6.03M
ARMK icon
565
Aramark
ARMK
$15B
$105M 0.02%
3,366,177
-130,289
-4% -$3.55M
BAP icon
566
Credicorp
BAP
$31.8B
$104M 0.02%
704,123
+73,015
+12% +$10M
CHDN icon
567
Churchill Downs
CHDN
$5.88B
$103M 0.02%
743,283
+103,645
+16% +$14.2M
NTRS icon
568
Northern Trust
NTRS
$33.3B
$103M 0.02%
1,394,344
-116,350
-8% -$8.93M
AZTA icon
569
Azenta
AZTA
$1.3B
$102M 0.02%
2,195,414
+561,100
+34% +$24.6M
DGX icon
570
Quest Diagnostics
DGX
$25.7B
$102M 0.02%
723,127
-335,262
-32% -$46.2M
CDW icon
571
CDW
CDW
$18.9B
$101M 0.02%
550,003
+146,479
+36% +$25.6M
CGNX icon
572
Cognex
CGNX
$10.9B
$101M 0.02%
1,797,969
+59,033
+3% +$3.05M
LBRDK icon
573
Liberty Broadband Class C
LBRDK
$4.88B
$101M 0.02%
1,255,964
-48,909
-4% -$3.78M
ARW icon
574
Arrow Electronics
ARW
$11.1B
$100M 0.02%
701,364
+78,254
+13% +$9.74M
BURL icon
575
Burlington
BURL
$23.2B
$99.8M 0.02%
634,388
+90,553
+17% +$15.5M
21 22
23
24 25

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Norges Bank's Q2 2023 Portfolio in Review

As of Q2 2023, Norges Bank held 2,145 positions worth $507B, up 11% from $457B the previous quarter. Its ten largest holdings account for 27% of the portfolio.

Norges Bank's Q2 2023 filing shows 58 new, 905 increased, 790 reduced and 138 closed positions. Its largest new stake was Kenvue: 7,326,131 shares worth $194M. The largest sale was Shell, an estimated $444M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 26% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q2 2023 buy was Kenvue: 7,326,131 shares worth $194M.
  • Norges Bank added most to Microsoft in Q2 2023, an estimated $1.04B increase.
  • Norges Bank's biggest Q2 2023 reduction was Shell, cutting an estimated $444M.
  • Norges Bank fully exited Evoqua Water Technologies Corp. Common Stock in Q2 2023, selling an estimated $175M.
  • Norges Bank's ten largest holdings make up 27% of its $507B portfolio in Q2 2023.
  • Norges Bank opened 58 new positions and closed 138 in Q2 2023.
  • Norges Bank's portfolio value rose 11% quarter-over-quarter to $507B.

Based on Norges Bank's 13F filing for Q2 2023, filed 14 Aug 2023.