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 |
Linde
LIN
|
+$2.66B |
| 2 |
Cigna
CI
|
+$285M |
| 3 |
Boston Properties
BXP
|
+$242M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$242M |
| 5 |
Aptiv
APTV
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$646M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$543M |
| 3 |
PX
Praxair Inc
PX
|
+$305M |
| 4 |
COL
Rockwell Collins
COL
|
+$240M |
| 5 |
ANDV
Andeavor
ANDV
|
+$222M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 16.89% |
| 3 | Healthcare | 14.43% |
| 4 | Consumer Discretionary | 11.2% |
| 5 | Communication Services | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
676
Wendy's
WEN
$1.4B
| $56.6M | 0.02% |
3,622,924
+2,200,000
| +155% | +$37.5M |
|
|
ARRS
677
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| $56.2M | 0.02% |
1,837,374
| – | – |
|
678
Nu Skin
NUS
$254M
| $56.1M | 0.02% |
915,310
+83,444
| +10% | +$5.63M |
|
679
Williams-Sonoma
WSM
$27.5B
| $56.1M | 0.02% |
2,223,298
| – | – |
|
|
BMS
680
DELISTED
Bemis
BMS
| $56M | 0.02% |
1,219,595
| – | – |
|
681
Portland General Electric
POR
$5.8B
| $55.9M | 0.02% |
1,218,365
| – | – |
|
|
ACC
682
DELISTED
American Campus Communities, Inc.
ACC
| $55.8M | 0.02% |
1,347,592
| – | – |
|
|
WUBA
683
DELISTED
58.com Inc
WUBA
| $55.7M | 0.02% |
1,028,251
+49,586
| +5% | +$3.02M |
|
684
Allison Transmission
ALSN
$9.57B
| $55.7M | 0.02% |
1,268,892
+23,272
| +2% | +$1.08M |
|
685
Acuity Brands
AYI
$10.1B
| $55.6M | 0.02% |
483,995
-107,011
| -18% | -$13.2M |
|
686
Sonoco
SON
$5.62B
| $55.5M | 0.02% |
1,045,387
+18,986
| +2% | +$1.04M |
|
|
JWN
687
DELISTED
Nordstrom
JWN
| $55.4M | 0.02% |
1,187,557
| – | – |
|
|
LSXMK
688
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $55.3M | 0.02% |
1,962,300
| – | – |
|
|
CONE
689
DELISTED
CyrusOne Inc Common Stock
CONE
| $55.2M | 0.02% |
1,043,686
-811,653
| -44% | -$46.4M |
|
690
Old Republic International
ORI
$10.6B
| $55.2M | 0.02% |
2,682,541
+124,124
| +5% | +$2.66M |
|
691
Toll Brothers
TOL
$14B
| $55.1M | 0.02% |
1,673,004
+74,103
| +5% | +$2.38M |
|
692
CubeSmart
CUBE
$9.34B
| $54.9M | 0.02% |
1,915,265
+201,138
| +12% | +$5.91M |
|
|
ATHN
693
DELISTED
Athenahealth, Inc.
ATHN
| $54.9M | 0.02% |
415,881
| – | – |
|
|
GRA
694
DELISTED
W.R. Grace & Co.
GRA
| $54.7M | 0.02% |
842,519
| – | – |
|
695
Exelixis
EXEL
$14.1B
| $54.6M | 0.02% |
2,777,840
+241,388
| +10% | +$4.3M |
|
696
Etsy
ETSY
$7.89B
| $54.6M | 0.02% |
1,147,835
| – | – |
|
697
Ionis Pharmaceuticals
IONS
$8.85B
| $54.5M | 0.02% |
1,007,444
-195,645
| -16% | -$9.98M |
|
|
AZPN
698
DELISTED
ASPEN TECHNOLOGY INC
AZPN
| $54.4M | 0.02% |
662,537
| – | – |
|
699
First Solar
FSLR
$22.1B
| $54.3M | 0.02% |
1,277,850
| – | – |
|
700
United Therapeutics
UTHR
$26.2B
| $54.2M | 0.02% |
498,010
+44,249
| +10% | +$5.13M |
|
Similar funds
Norges Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
- Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
- Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
- Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
- Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
- Norges Bank opened 36 new positions and closed 54 in Q4 2018.
- Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.
Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.