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 |
Alphabet (Google) Class C
GOOG
|
+$1.1B |
| 2 |
Apple
AAPL
|
+$1.1B |
| 3 |
Microsoft
MSFT
|
+$819M |
| 4 |
Cigna
CI
|
+$613M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$472M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$548M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$506M |
| 3 |
TWTR
Twitter, Inc.
TWTR
|
+$388M |
| 4 |
DRE
Duke Realty Corp.
DRE
|
+$358M |
| 5 |
IBM
IBM
|
+$211M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.98% |
| 2 | Healthcare | 15.12% |
| 3 | Financials | 15.08% |
| 4 | Consumer Discretionary | 10.12% |
| 5 | Industrials | 8.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
601
VF Corp
VFC
$5B
| $83.4M | 0.02% |
3,022,280
+99,871
| +3% | +$2.94M |
|
602
Annaly Capital Management
NLY
$16.1B
| $83.2M | 0.02% |
3,949,166
-53,310
| -1% | -$1.05M |
|
603
Huazhu Hotels Group
HTHT
$13.3B
| $83.2M | 0.02% |
1,962,157
-128,436
| -6% | -$4.64M |
|
604
Hasbro
HAS
$12.7B
| $83.1M | 0.02% |
1,362,612
+103,498
| +8% | +$6.46M |
|
605
Molson Coors Class B
TAP
$7.32B
| $83.1M | 0.02% |
1,612,818
+60,837
| +4% | +$3.12M |
|
606
Casey's General Stores
CASY
$21.7B
| $83M | 0.02% |
369,786
+28,200
| +8% | +$6.42M |
|
607
Fox Class A
FOXA
$28.4B
| $82.4M | 0.02% |
2,712,696
-1,973,682
| -42% | -$60.2M |
|
608
Elanco Animal Health
ELAN
$11.5B
| $82.3M | 0.02% |
6,735,598
+46,498
| +0.7% | +$580K |
|
609
Dynatrace
DT
$15.9B
| $82.2M | 0.02% |
2,147,058
-1,133,908
| -35% | -$41.2M |
|
610
Genpact
G
$6.03B
| $81.6M | 0.02% |
1,760,983
+106,987
| +6% | +$4.87M |
|
611
Manhattan Associates
MANH
$12.2B
| $81.3M | 0.02% |
669,593
-15,740
| -2% | -$1.94M |
|
612
Rentokil
RTO
$11.2B
| $81.3M | 0.02% |
+2,637,190
| New | +$81.9M |
|
613
Cullen/Frost Bankers
CFR
$10.1B
| $81.2M | 0.02% |
607,541
+69,647
| +13% | +$9.9M |
|
614
Roblox
RBLX
$35.9B
| $81.2M | 0.02% |
2,852,216
+352,119
| +14% | +$12.4M |
|
615
Fortune Brands Innovations
FBIN
$4.77B
| $81M | 0.02% |
1,418,617
-91,040
| -6% | -$4.79M |
|
616
Check Point Software Technologies
CHKP
$14.1B
| $80.5M | 0.02% |
637,732
+75,282
| +13% | +$9.39M |
|
617
GlobalFoundries
GFS
$23.5B
| $80.3M | 0.02% |
1,489,934
+609,400
| +69% | +$35.6M |
|
618
Lamar Advertising Co
LAMR
$15B
| $79.7M | 0.02% |
844,314
+36,129
| +4% | +$3.34M |
|
619
RB Global
RBA
$15.9B
| $79.6M | 0.02% |
1,377,523
+215,370
| +19% | +$12.5M |
|
620
Post Holdings
POST
$3.5B
| $79.3M | 0.02% |
878,117
+332,535
| +61% | +$29.6M |
|
621
Capri Holdings
CPRI
$1.6B
| $79.2M | 0.02% |
1,382,262
-2,746
| -0.2% | -$139K |
|
622
Principal Financial Group
PFG
$25.3B
| $78.9M | 0.02% |
940,648
-1,525,506
| -62% | -$131M |
|
623
Cognex
CGNX
$9.95B
| $78.7M | 0.02% |
1,669,512
-29,949
| -2% | -$1.4M |
|
624
Fox Class B
FOX
$25.4B
| $78.6M | 0.02% |
2,763,114
-331,577
| -11% | -$9.49M |
|
625
Reliance Steel & Aluminium
RS
$20B
| $78.4M | 0.02% |
387,105
-9,381
| -2% | -$1.87M |
|
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Norges Bank's Q4 2022 Portfolio in Review
As of Q4 2022, Norges Bank held 2,222 positions worth $415B, up 10% from $376B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
Norges Bank deployed $17.2B of net new capital in Q4 2022, opening 133 new positions and adding to 1,177 existing holdings. Its largest new stake was Mobileye: 12,085,900 shares worth $424M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was T-Mobile US, an estimated $548M trimmed.
- Norges Bank's largest Q4 2022 buy was Mobileye: 12,085,900 shares worth $424M.
- Norges Bank added most to Alphabet (Google) Class C in Q4 2022, an estimated $1.1B increase.
- Norges Bank's biggest Q4 2022 reduction was T-Mobile US, cutting an estimated $548M.
- Norges Bank fully exited Twitter, Inc. in Q4 2022, selling an estimated $388M.
- Norges Bank's ten largest holdings make up 21% of its $415B portfolio in Q4 2022.
- Norges Bank opened 133 new positions and closed 92 in Q4 2022.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $415B.
Based on Norges Bank's 13F filing for Q4 2022, filed 14 Feb 2023.