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 | |
|---|---|---|---|---|---|---|
551
Pan American Silver
PAAS
$22.8B
| $155M | 0.02% |
5,467,895
+432,520
| +9% | +$11.2M |
|
552
Toll Brothers
TOL
$13.4B
| $155M | 0.02% |
1,356,189
+42,675
| +3% | +$4.43M |
|
553
Dollar General
DG
$27.8B
| $154M | 0.02% |
1,349,632
-195,447
| -13% | -$19.4M |
|
554
APi Group
APG
$17.8B
| $154M | 0.02% |
4,529,351
+374,748
| +9% | +$10.7M |
|
555
Qorvo
QRVO
$8.49B
| $154M | 0.02% |
1,813,613
+386,804
| +27% | +$27.9M |
|
556
Teradyne
TER
$58.2B
| $153M | 0.02% |
1,699,892
-214,129
| -11% | -$17.1M |
|
557
International Flavors & Fragrances
IFF
$22.2B
| $153M | 0.02% |
2,076,634
-1,513,369
| -42% | -$114M |
|
|
CUK
558
DELISTED
Carnival PLC
CUK
| $152M | 0.02% |
5,963,531
+67,751
| +1% | +$1.31M |
|
559
TechnipFMC
FTI
$29.9B
| $151M | 0.02% |
4,396,430
+584,646
| +15% | +$17.6M |
|
560
W.P. Carey
WPC
$16B
| $151M | 0.02% |
2,427,234
+51,008
| +2% | +$3.14M |
|
561
Unity
U
$19.1B
| $151M | 0.02% |
6,248,795
-5,763,047
| -48% | -$127M |
|
562
Super Micro Computer
SMCI
$24.9B
| $150M | 0.02% |
3,068,667
+2,453,506
| +399% | +$94.6M |
|
563
TransUnion
TRU
$16.2B
| $150M | 0.02% |
1,708,329
+371,143
| +28% | +$31M |
|
564
Carlyle Group
CG
$17.5B
| $150M | 0.02% |
2,920,658
+1,961,479
| +204% | +$84.5M |
|
565
Bunge Global
BG
$21.4B
| $149M | 0.02% |
1,860,738
-79,287
| -4% | -$6.24M |
|
566
Fox Class A
FOXA
$28.3B
| $149M | 0.02% |
2,662,852
-55,118
| -2% | -$2.91M |
|
567
Lithia Motors
LAD
$8.16B
| $149M | 0.02% |
439,701
+9,139
| +2% | +$2.83M |
|
568
Fox Class B
FOX
$25.4B
| $148M | 0.02% |
2,868,997
+11,765
| +0.4% | +$573K |
|
569
Builders FirstSource
BLDR
$7.23B
| $148M | 0.02% |
1,268,269
-17,123
| -1% | -$1.98M |
|
570
Magna International
MGA
$17.6B
| $148M | 0.02% |
3,822,523
+322,403
| +9% | +$11.4M |
|
571
Clean Harbors
CLH
$16.5B
| $148M | 0.02% |
638,600
+24,505
| +4% | +$5.36M |
|
572
Service Corp International
SCI
$11.4B
| $147M | 0.02% |
1,810,426
+29,361
| +2% | +$2.29M |
|
573
ATI
ATI
$29.2B
| $147M | 0.02% |
1,699,392
+230,180
| +16% | +$15.8M |
|
574
Corebridge Financial
CRBG
$14.5B
| $146M | 0.02% |
4,102,302
-1,486,004
| -27% | -$46.2M |
|
575
Unilever
UL
$139B
| $145M | 0.02% |
2,106,761
-148,444
| -7% | -$10.4M |
|
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.