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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
+13.49%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$572B
AUM Growth
+$79.5B
Cap. Flow
+$18.4B
Cap. Flow %
3.21%
Top 10 Hldgs %
27.08%
Holding
2,039
New
73
Increased
987
Reduced
741
Closed
97

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$1.37B
2
AVGO icon
Broadcom
AVGO
+$1.13B
3
BAC icon
Bank of America
BAC
+$880M
4
AMZN icon
Amazon
AMZN
+$755M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$744M

Top Sells

Rank Stock Value
1
ATVI
Activision Blizzard
ATVI
+$1.2B
2
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
+$822M
3
SGEN
Seagen Inc. Common Stock
SGEN
+$542M
4
KVUE icon
Kenvue
KVUE
+$514M
5
RTX icon
RTX Corp
RTX
+$501M

Sector Composition

Rank Sector Weight
1 Technology 28.35%
2 Financials 13.96%
3 Healthcare 11.94%
4 Consumer Discretionary 11.37%
5 Communication Services 8.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JEF icon
651
Jefferies Financial Group
JEF
$13.1B
$88.9M 0.02%
2,198,754
+87,904
+4% +$3.11M
WMS icon
652
Advanced Drainage Systems
WMS
$11.6B
$88.6M 0.02%
630,261
+208,066
+49% +$25.1M
CLH icon
653
Clean Harbors
CLH
$16.4B
$87.1M 0.02%
498,961
-31,841
-6% -$5.23M
UFPI icon
654
UFP Industries
UFPI
$5.24B
$86.9M 0.02%
692,037
+176,763
+34% +$19.1M
R icon
655
Ryder
R
$10.2B
$86.6M 0.02%
753,055
-119,631
-14% -$12.6M
ETSY icon
656
Etsy
ETSY
$8.03B
$86.5M 0.02%
1,067,171
+497,669
+87% +$35.6M
FHN icon
657
First Horizon
FHN
$12.4B
$86.5M 0.02%
6,107,843
+1,713,741
+39% +$20.6M
UHS icon
658
Universal Health Services
UHS
$10.4B
$86.1M 0.02%
564,921
+27,104
+5% +$3.65M
MORN icon
659
Morningstar
MORN
$7.44B
$85.8M 0.02%
299,798
+82,273
+38% +$21.4M
ITCI
660
DELISTED
Intra-Cellular Therapies Inc.
ITCI
$85.7M 0.02%
1,197,203
+376,787
+46% +$21.7M
MTN icon
661
Vail Resorts
MTN
$5.37B
$85.7M 0.02%
401,482
+30,578
+8% +$6.7M
GFL icon
662
GFL Environmental
GFL
$14.9B
$85.4M 0.01%
2,475,975
-2,856,627
-54% -$86.9M
PEN icon
663
Penumbra
PEN
$12.7B
$85.2M 0.01%
338,801
-9,600
-3% -$2.12M
CELH icon
664
Celsius Holdings
CELH
$7.61B
$85.1M 0.01%
1,561,639
-99,818
-6% -$5.33M
RMBS icon
665
Rambus
RMBS
$10.7B
$84.8M 0.01%
1,241,846
+272,030
+28% +$16.9M
SF
666
Stifel
SF
$12.8B
$84.4M 0.01%
1,830,120
+173,567
+10% +$7.14M
HOOD icon
667
Robinhood
HOOD
$84.3B
$84.2M 0.01%
6,606,377
+397,340
+6% +$3.95M
WWD icon
668
Woodward
WWD
$22.2B
$84.2M 0.01%
618,213
+110,629
+22% +$14.5M
DUOL icon
669
Duolingo
DUOL
$6.25B
$84M 0.01%
370,474
+144,670
+64% +$28.1M
NTRA icon
670
Natera
NTRA
$39.3B
$84M 0.01%
1,340,514
-1,092,468
-45% -$54.6M
AGCO icon
671
AGCO
AGCO
$7.31B
$83.7M 0.01%
689,671
-148,415
-18% -$17.4M
OSK icon
672
Oshkosh
OSK
$9.56B
$83.5M 0.01%
770,450
-85,775
-10% -$8.29M
PNFP icon
673
Pinnacle Financial Partners Inc
PNFP
$16.3B
$83.5M 0.01%
956,900
+120,646
+14% +$8.74M
RBC icon
674
RBC Bearings
RBC
$18.2B
$83.3M 0.01%
292,458
+31,261
+12% +$7.67M
NCLH icon
675
Norwegian Cruise Line
NCLH
$9.34B
$83.2M 0.01%
4,153,847
+320,299
+8% +$5.14M
25 26
27
28 29

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Norges Bank's Q4 2023 Portfolio in Review

As of Q4 2023, Norges Bank held 2,039 positions worth $572B, up 16% from $493B the previous quarter. Its ten largest holdings account for 27% of the portfolio.

Norges Bank deployed $18.4B of net new capital in Q4 2023, opening 73 new positions and adding to 987 existing holdings. Its largest new stake was Veralto: 3,235,391 shares worth $266M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was Kenvue, an estimated $514M trimmed.

  • Norges Bank's largest Q4 2023 buy was Veralto: 3,235,391 shares worth $266M.
  • Norges Bank added most to Microsoft in Q4 2023, an estimated $1.37B increase.
  • Norges Bank's biggest Q4 2023 reduction was Kenvue, cutting an estimated $514M.
  • Norges Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $1.2B.
  • Norges Bank's ten largest holdings make up 27% of its $572B portfolio in Q4 2023.
  • Norges Bank opened 73 new positions and closed 97 in Q4 2023.
  • Norges Bank's portfolio value rose 16% quarter-over-quarter to $572B.

Based on Norges Bank's 13F filing for Q4 2023, filed 9 Feb 2024.