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 A
GOOGL
|
+$1.31B |
| 2 |
Visa
V
|
+$778M |
| 3 |
SCHW
Charles Schwab
SCHW
|
+$528M |
| 4 |
Fortinet
FTNT
|
+$418M |
| 5 |
Prologis
PLD
|
+$340M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$2.06B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$1.83B |
| 3 |
NVIDIA
NVDA
|
+$1.56B |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.47B |
| 5 |
UBS Group
UBS
|
+$1.44B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.04% |
| 2 | Financials | 15.62% |
| 3 | Healthcare | 11.22% |
| 4 | Consumer Discretionary | 10.85% |
| 5 | Communication Services | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
WBS
601
DELISTED
Webster Financial
WBS
| $123M | 0.02% |
2,388,550
+206,428
| +9% | +$11.5M |
|
602
Masco
MAS
$14.4B
| $123M | 0.02% |
1,762,098
-19,707
| -1% | -$1.47M |
|
603
ITT
ITT
$18.6B
| $122M | 0.02% |
947,549
+6,668
| +0.7% | +$950K |
|
|
SKX
604
DELISTED
Skechers
SKX
| $122M | 0.02% |
2,143,025
+570,437
| +36% | +$37.1M |
|
605
Clean Harbors
CLH
$16.5B
| $121M | 0.02% |
614,095
+18,916
| +3% | +$4.14M |
|
606
TechnipFMC
FTI
$29.9B
| $121M | 0.02% |
3,811,784
+466,639
| +14% | +$14M |
|
|
JWN
607
DELISTED
Nordstrom
JWN
| $120M | 0.02% |
4,908,339
+3,522,020
| +254% | +$85.5M |
|
608
DT Midstream
DTM
$13.4B
| $120M | 0.02% |
1,241,915
+39,863
| +3% | +$3.99M |
|
609
monday.com
MNDY
$4.21B
| $120M | 0.02% |
491,901
-3,708
| -0.7% | -$980K |
|
610
Vishay Intertechnology
VSH
$4.87B
| $119M | 0.02% |
7,502,882
-981,124
| -12% | -$16.8M |
|
611
Magna International
MGA
$17.6B
| $119M | 0.02% |
3,500,120
+96,339
| +3% | +$3.7M |
|
612
Mueller Industries
MLI
$14.2B
| $119M | 0.02% |
3,118,752
+161,312
| +5% | +$6.44M |
|
613
Terreno Realty
TRNO
$7.31B
| $118M | 0.02% |
1,870,214
+875,654
| +88% | +$56.8M |
|
614
American Financial Group
AFG
$11.8B
| $118M | 0.02% |
899,859
+5,834
| +0.7% | +$753K |
|
615
Stantec
STN
$8.4B
| $118M | 0.02% |
1,419,621
+12,975
| +0.9% | +$1.04M |
|
616
Expeditors International
EXPD
$24.8B
| $117M | 0.02% |
973,947
+195
| +0% | +$22.4K |
|
617
Celestica
CLS
$40B
| $117M | 0.02% |
1,478,289
-28,930
| -2% | -$3.07M |
|
618
Descartes Systems
DSGX
$6.91B
| $116M | 0.02% |
1,152,136
+34,183
| +3% | +$3.78M |
|
619
Omega Healthcare
OHI
$14B
| $116M | 0.02% |
3,043,163
+132,724
| +5% | +$4.94M |
|
620
CF Industries
CF
$19B
| $115M | 0.02% |
1,473,967
-65,536
| -4% | -$5.5M |
|
621
Darden Restaurants
DRI
$24B
| $115M | 0.02% |
554,029
+151,562
| +38% | +$29.3M |
|
622
Penumbra
PEN
$12.6B
| $114M | 0.02% |
427,663
+198,609
| +87% | +$53.7M |
|
623
AptarGroup
ATR
$8.45B
| $114M | 0.02% |
770,205
+30,133
| +4% | +$4.54M |
|
624
Carpenter Technology
CRS
$24.3B
| $114M | 0.02% |
627,849
+35,633
| +6% | +$6.87M |
|
625
Jefferies Financial Group
JEF
$12.2B
| $114M | 0.02% |
2,119,719
+1,666,660
| +368% | +$113M |
|
Similar funds
Norges Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Norges Bank held 1,892 positions worth $712B, down 6.5% from $762B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Norges Bank's Q1 2025 filing shows 47 new, 694 increased, 865 reduced and 149 closed positions. Its largest new stake was Rocket Lab Corp: 4,017,216 shares worth $71.8M. The largest sale was Microsoft, an estimated $2.06B.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 31% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2025 buy was Rocket Lab Corp: 4,017,216 shares worth $71.8M.
- Norges Bank added most to Alphabet (Google) Class A in Q1 2025, an estimated $1.31B increase.
- Norges Bank's biggest Q1 2025 reduction was Microsoft, cutting an estimated $2.06B.
- Norges Bank fully exited HashiCorp, Inc. Class A Common Stock in Q1 2025, selling an estimated $161M.
- Norges Bank's ten largest holdings make up 30% of its $712B portfolio in Q1 2025.
- Norges Bank opened 47 new positions and closed 149 in Q1 2025.
- Norges Bank's portfolio value fell 6.5% quarter-over-quarter to $712B.
Based on Norges Bank's 13F filing for Q1 2025, filed 13 May 2025.