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
|
+$1.7B |
| 2 |
Apple
AAPL
|
+$1.61B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$1.17B |
| 4 |
Capital One
COF
|
+$865M |
| 5 |
Tesla
TSLA
|
+$812M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.89B |
| 2 |
Sea Limited
SE
|
+$1.15B |
| 3 |
NextEra Energy
NEE
|
+$1.06B |
| 4 |
DFS
Discover Financial Services
DFS
|
+$847M |
| 5 |
Sempra
SRE
|
+$708M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.63% |
| 2 | Financials | 15.4% |
| 3 | Consumer Discretionary | 10.72% |
| 4 | Communication Services | 9.72% |
| 5 | Healthcare | 9.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
651
IonQ
IONQ
$17.2B
| $115M | 0.01% |
2,670,872
+463,922
| +21% | +$15.5M |
|
652
Littelfuse
LFUS
$10.7B
| $115M | 0.01% |
505,979
-44,187
| -8% | -$8.71M |
|
653
MarketAxess Holdings
MKTX
$5.72B
| $115M | 0.01% |
513,089
+5,743
| +1% | +$1.26M |
|
654
Pinnacle West Capital
PNW
$11.9B
| $114M | 0.01% |
1,278,458
-903,236
| -41% | -$82.6M |
|
655
Penumbra
PEN
$12.6B
| $114M | 0.01% |
444,272
+16,609
| +4% | +$4.52M |
|
656
MACOM Technology Solutions
MTSI
$21.2B
| $114M | 0.01% |
795,146
+24,769
| +3% | +$2.89M |
|
657
Pool Corp
POOL
$6.76B
| $114M | 0.01% |
389,794
-10,180
| -3% | -$3.08M |
|
658
Pinnacle Financial Partners Inc
PNFP
$15.3B
| $113M | 0.01% |
1,027,636
+25,199
| +3% | +$2.6M |
|
659
J.M. Smucker
SJM
$14.1B
| $113M | 0.01% |
1,148,976
+23,866
| +2% | +$2.62M |
|
660
BioMarin Pharmaceuticals
BMRN
$12.6B
| $112M | 0.01% |
2,043,879
-1,264,506
| -38% | -$74.5M |
|
|
SAIL
661
SailPoint Inc
SAIL
$11.6B
| $112M | 0.01% |
4,912,362
+758,918
| +18% | +$14.3M |
|
|
CHX
662
DELISTED
ChampionX
CHX
| $112M | 0.01% |
4,516,840
+885,925
| +24% | +$22.3M |
|
663
Expeditors International
EXPD
$24.8B
| $111M | 0.01% |
973,500
-447
| -0% | -$50K |
|
664
Credicorp
BAP
$29.6B
| $111M | 0.01% |
496,356
+36,212
| +8% | +$7.34M |
|
665
Five Below
FIVE
$13.7B
| $111M | 0.01% |
844,902
+30,012
| +4% | +$2.92M |
|
666
Tencent Music
TME
$14.2B
| $111M | 0.01% |
5,685,627
+116,784
| +2% | +$1.84M |
|
667
Autoliv
ALV
$9B
| $110M | 0.01% |
986,308
-81,749
| -8% | -$8M |
|
|
BLD
668
DELISTED
TopBuild
BLD
| $110M | 0.01% |
340,514
-3,867
| -1% | -$1.15M |
|
669
BorgWarner
BWA
$13.2B
| $110M | 0.01% |
3,292,524
+1,103,880
| +50% | +$33.8M |
|
670
Hewlett Packard
HPE
$72B
| $110M | 0.01% |
5,383,516
-237,674
| -4% | -$3.98M |
|
671
Allegion
ALLE
$13.6B
| $110M | 0.01% |
762,297
-33,446
| -4% | -$4.57M |
|
672
AGNC Investment
AGNC
$13B
| $110M | 0.01% |
11,949,333
+1,251,040
| +12% | +$11.2M |
|
673
Halliburton
HAL
$29.6B
| $109M | 0.01% |
5,366,980
-2,070,818
| -28% | -$43.4M |
|
674
Wyndham Hotels & Resorts
WH
$5.7B
| $109M | 0.01% |
1,346,346
+234,918
| +21% | +$19.7M |
|
675
SouthState Bank Corp
SSB
$10.3B
| $109M | 0.01% |
1,184,712
+216,614
| +22% | +$19M |
|
Similar funds
Norges Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Norges Bank held 1,794 positions worth $801B, up 12% from $712B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank's Q2 2025 filing shows 51 new, 783 increased, 711 reduced and 87 closed positions. Its largest new stake was Amrize Ltd: 13,445,492 shares worth $671M. The largest sale was Alphabet (Google) Class A, an estimated $1.89B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q2 2025 buy was Amrize Ltd: 13,445,492 shares worth $671M.
- Norges Bank added most to NVIDIA in Q2 2025, an estimated $1.7B increase.
- Norges Bank's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.89B.
- Norges Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $847M.
- Norges Bank's ten largest holdings make up 33% of its $801B portfolio in Q2 2025.
- Norges Bank opened 51 new positions and closed 87 in Q2 2025.
- Norges Bank's portfolio value rose 12% quarter-over-quarter to $801B.
Based on Norges Bank's 13F filing for Q2 2025, filed 13 Aug 2025.