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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

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.

This Fund
S&P 500
This Quarter Est. Return
+10.92%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$457B
AUM Growth
+$42.1B
Cap. Flow
+$9.97B
Cap. Flow %
2.18%
Top 10 Hldgs %
24.1%
Holding
2,211
New
81
Increased
1,022
Reduced
782
Closed
124

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$764M
2
UBS icon
UBS Group
UBS
+$753M
3
AAPL icon
Apple
AAPL
+$665M
4
JPM icon
JPMorgan Chase
JPM
+$621M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$498M

Top Sells

Rank Stock Value
1
BAC icon
Bank of America
BAC
+$811M
2
ORCL icon
Oracle
ORCL
+$505M
3
TMUS icon
T-Mobile US
TMUS
+$390M
4
DB icon
Deutsche Bank
DB
+$275M
5
GE icon
GE Aerospace
GE
+$240M

Sector Composition

Rank Sector Weight
1 Technology 26.11%
2 Financials 13.76%
3 Healthcare 13.71%
4 Consumer Discretionary 10.81%
5 Communication Services 7.98%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AIRC
651
DELISTED
Apartment Income REIT Corp.
AIRC
$74M 0.02%
2,067,803
+513,761
+33% +$18.9M
VOYA icon
652
Voya Financial
VOYA
$9.2B
$73.9M 0.02%
1,034,810
+22,312
+2% +$1.56M
NVT icon
653
nVent Electric
NVT
$26.4B
$73.9M 0.02%
1,721,282
+14,353
+0.8% +$605K
CMA
654
DELISTED
Comerica
CMA
$73.9M 0.02%
1,701,991
+226
+0% +$14.5K
TGNA
655
DELISTED
TEGNA Inc
TGNA
$73.9M 0.02%
4,368,040
+1,947,644
+80% +$36.4M
HAS icon
656
Hasbro
HAS
$12.9B
$73.6M 0.02%
1,371,665
+9,053
+0.7% +$517K
MKSI icon
657
MKS Inc
MKSI
$19.7B
$73.3M 0.02%
827,668
-49,942
-6% -$4.77M
OLN icon
658
Olin
OLN
$2.14B
$73.3M 0.02%
1,320,430
+45,508
+4% +$2.61M
ETSY icon
659
Etsy
ETSY
$7.81B
$73.2M 0.02%
657,814
+102,159
+18% +$12.7M
GWRE icon
660
Guidewire Software
GWRE
$13.3B
$73.1M 0.02%
890,372
+129,756
+17% +$9.43M
AZTA icon
661
Azenta
AZTA
$1.42B
$72.9M 0.02%
1,634,314
+117,706
+8% +$5.83M
AIZ icon
662
Assurant
AIZ
$14.7B
$72.9M 0.02%
607,335
+13,052
+2% +$1.63M
CAE icon
663
CAE Inc. Common Shares
CAE
$8.61B
$72.5M 0.02%
3,208,424
+85,075
+3% +$1.86M
WBS icon
664
Webster Financial
WBS
$12.8B
$72.5M 0.02%
1,838,033
+50,276
+3% +$2.41M
WFG icon
665
West Fraser Timber
WFG
$5.47B
$72.4M 0.02%
1,015,580
-602,024
-37% -$46.3M
AKAM icon
666
Akamai
AKAM
$17.2B
$72M 0.02%
919,069
+2,431
+0.3% +$197K
IRTC icon
667
iRhythm Holdings
IRTC
$4.21B
$71.9M 0.02%
579,553
-1,926
-0.3% -$209K
CACI icon
668
CACI
CACI
$13.9B
$71.8M 0.02%
242,414
+14,883
+7% +$4.39M
FBIN icon
669
Fortune Brands Innovations
FBIN
$6.01B
$71.6M 0.02%
1,219,819
-198,798
-14% -$12.2M
GLOB icon
670
Globant
GLOB
$1.61B
$71.6M 0.02%
436,409
+12,333
+3% +$2.02M
SEE
671
DELISTED
Sealed Air
SEE
$71.5M 0.02%
1,558,112
+76,666
+5% +$3.81M
CBSH icon
672
Commerce Bancshares
CBSH
$8.51B
$71.2M 0.02%
1,413,304
+98,168
+7% +$5.48M
STAG icon
673
STAG Industrial
STAG
$7.1B
$71.1M 0.02%
2,103,403
+270,881
+15% +$9.24M
ITT icon
674
ITT
ITT
$19.2B
$70.9M 0.02%
821,819
+25,301
+3% +$2.22M
OLED icon
675
Universal Display
OLED
$4.01B
$70.8M 0.02%
456,635
+14,027
+3% +$1.89M
25 26
27
28 29

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Norges Bank's Q1 2023 Portfolio in Review

As of Q1 2023, Norges Bank held 2,211 positions worth $457B, up 10% from $415B the previous quarter. Its ten largest holdings account for 24% of the portfolio.

Norges Bank's Q1 2023 filing shows 81 new, 1,022 increased, 782 reduced and 124 closed positions. Its largest new stake was GE HealthCare: 2,602,917 shares worth $214M. The largest sale was Bank of America, an estimated $811M.

By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 23% a quarter earlier, followed by Financials and Healthcare.

  • Norges Bank's largest Q1 2023 buy was GE HealthCare: 2,602,917 shares worth $214M.
  • Norges Bank added most to Microsoft in Q1 2023, an estimated $764M increase.
  • Norges Bank's biggest Q1 2023 reduction was Bank of America, cutting an estimated $811M.
  • Norges Bank fully exited SVB Financial Group in Q1 2023, selling an estimated $141M.
  • Norges Bank's ten largest holdings make up 24% of its $457B portfolio in Q1 2023.
  • Norges Bank opened 81 new positions and closed 124 in Q1 2023.
  • Norges Bank's portfolio value rose 10% quarter-over-quarter to $457B.

Based on Norges Bank's 13F filing for Q1 2023, filed 15 May 2023.