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 | |
|---|---|---|---|---|---|---|
626
Booz Allen Hamilton
BAH
$9.03B
| $144M | 0.02% |
+1,703,989
| New | +$152M |
|
|
WBS
627
DELISTED
Webster Financial
WBS
| $142M | 0.02% |
+2,256,666
| New | +$134M |
|
628
AGNC Investment
AGNC
$13B
| $142M | 0.02% |
+13,230,430
| New | +$136M |
|
629
Equinox Gold
EQX
$15.2B
| $141M | 0.02% |
+10,060,510
| New | +$127M |
|
630
Barclays
BCS
$89.9B
| $141M | 0.02% |
+5,550,000
| New | +$123M |
|
631
Celsius Holdings
CELH
$8.31B
| $141M | 0.02% |
+3,078,342
| New | +$155M |
|
632
Blue Owl Capital
OWL
$8.28B
| $141M | 0.02% |
+9,413,871
| New | +$147M |
|
633
Prudential Financial
PRU
$41.7B
| $141M | 0.02% |
+1,244,948
| New | +$133M |
|
634
Pinnacle West Capital
PNW
$11.9B
| $140M | 0.02% |
+1,583,634
| New | +$142M |
|
|
QXO
635
QXO Inc
QXO
$14.4B
| $140M | 0.02% |
+7,279,467
| New | +$140M |
|
636
Omnicom Group
OMC
$24.3B
| $140M | 0.02% |
+1,737,069
| New | +$133M |
|
637
Acuity Brands
AYI
$10.1B
| $139M | 0.01% |
+385,365
| New | +$139M |
|
|
CMA
638
DELISTED
Comerica
CMA
| $139M | 0.01% |
+1,595,245
| New | +$128M |
|
639
Super Micro Computer
SMCI
$24.6B
| $137M | 0.01% |
+4,665,832
| New | +$192M |
|
640
Clorox
CLX
$12.6B
| $136M | 0.01% |
+1,346,173
| New | +$146M |
|
641
The Ensign Group
ENSG
$10B
| $135M | 0.01% |
+773,017
| New | +$139M |
|
642
Old Republic International
ORI
$10.2B
| $135M | 0.01% |
+2,949,895
| New | +$128M |
|
643
Zebra Technologies
ZBRA
$17.2B
| $135M | 0.01% |
+553,930
| New | +$148M |
|
644
Stanley Black & Decker
SWK
$14.9B
| $134M | 0.01% |
+1,803,457
| New | +$127M |
|
645
Dollar General
DG
$27.4B
| $133M | 0.01% |
+1,004,980
| New | +$112M |
|
646
Encompass Health
EHC
$11.8B
| $133M | 0.01% |
+1,255,148
| New | +$145M |
|
647
Unilever
UL
$140B
| $132M | 0.01% |
+2,018,759
| New | +$136M |
|
648
Royalty Pharma
RPRX
$27.2B
| $132M | 0.01% |
+3,414,165
| New | +$130M |
|
649
Allegion
ALLE
$13.4B
| $132M | 0.01% |
+826,043
| New | +$138M |
|
650
Saia
SAIA
$9.39B
| $130M | 0.01% |
+399,397
| New | +$121M |
|
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.