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 | |
|---|---|---|---|---|---|---|
551
Fidelity National Financial
FNF
$12.7B
| $181M | 0.02% |
+3,315,942
| New | +$189M |
|
|
LBRDK
552
DELISTED
Liberty Broadband Class C
LBRDK
| $181M | 0.02% |
+3,721,829
| New | +$194M |
|
|
CUK
553
DELISTED
Carnival PLC
CUK
| $181M | 0.02% |
+5,963,531
| New | +$154M |
|
554
Expeditors International
EXPD
$24.8B
| $181M | 0.02% |
+1,212,798
| New | +$165M |
|
555
Ball Corp
BALL
$16.8B
| $178M | 0.02% |
+3,360,864
| New | +$165M |
|
556
RBC Bearings
RBC
$16.1B
| $176M | 0.02% |
+392,277
| New | +$166M |
|
557
Okta
OKTA
$30.2B
| $175M | 0.02% |
+2,026,053
| New | +$177M |
|
558
Best Buy
BBY
$17.6B
| $175M | 0.02% |
+2,609,965
| New | +$199M |
|
559
Reinsurance Group of America
RGA
$16.1B
| $174M | 0.02% |
+854,059
| New | +$165M |
|
|
MICC
560
The Magnum Ice Cream Company N.V.
MICC
$12.3B
| $174M | 0.02% |
+10,906,091
| New | +$171M |
|
|
SF
561
Stifel
SF
$12.2B
| $172M | 0.02% |
+2,065,718
| New | +$165M |
|
562
Southwest Airlines
LUV
$19.5B
| $172M | 0.02% |
+4,162,540
| New | +$145M |
|
563
Mueller Industries
MLI
$14.2B
| $171M | 0.02% |
+2,983,998
| New | +$160M |
|
564
Nextpower Inc. Common Stock
NXT
$13.6B
| $171M | 0.02% |
+1,962,097
| New | +$178M |
|
565
Halliburton
HAL
$29.6B
| $169M | 0.02% |
+5,990,925
| New | +$158M |
|
566
Fox Class B
FOX
$25.4B
| $169M | 0.02% |
+2,601,158
| New | +$152M |
|
567
RenaissanceRe
RNR
$13.7B
| $169M | 0.02% |
+599,596
| New | +$158M |
|
568
Toll Brothers
TOL
$13.4B
| $168M | 0.02% |
+1,244,726
| New | +$169M |
|
569
Terreno Realty
TRNO
$7.31B
| $168M | 0.02% |
+2,865,291
| New | +$172M |
|
570
Gaming and Leisure Properties
GLPI
$12.3B
| $168M | 0.02% |
+3,753,480
| New | +$166M |
|
571
Qiagen
QGEN
$9.03B
| $167M | 0.02% |
+3,652,721
| New | +$169M |
|
572
Lennox International
LII
$13.5B
| $166M | 0.02% |
+341,265
| New | +$171M |
|
573
Albemarle
ALB
$16B
| $165M | 0.02% |
+1,168,488
| New | +$133M |
|
574
Evercore
EVR
$11.2B
| $164M | 0.02% |
+482,617
| New | +$155M |
|
575
Tradeweb Markets
TW
$22.8B
| $164M | 0.02% |
+1,521,189
| New | +$163M |
|
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.