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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
FMC icon
676
FMC
FMC
$1.35B
$83.2M 0.01%
1,320,016
-630,661
-32% -$36.6M
AXTA icon
677
Axalta
AXTA
$8.15B
$82.9M 0.01%
2,439,747
+151,176
+7% +$4.53M
LYB icon
678
LyondellBasell Industries
LYB
$19.1B
$82.9M 0.01%
871,417
+128,961
+17% +$12.1M
TU icon
679
Telus
TU
$15.4B
$82.8M 0.01%
4,651,210
-305,596
-6% -$5.28M
BE icon
680
Bloom Energy
BE
$69B
$82.7M 0.01%
5,586,325
-173,219
-3% -$2.17M
HRB icon
681
H&R Block
HRB
$5.82B
$82.6M 0.01%
1,707,778
+66,446
+4% +$2.96M
FSV icon
682
FirstService
FSV
$6.35B
$82.5M 0.01%
509,177
+18,335
+4% +$2.77M
INGR icon
683
Ingredion
INGR
$6.51B
$82.3M 0.01%
758,058
+51,671
+7% +$5.18M
BJ icon
684
BJs Wholesale Club
BJ
$12.3B
$81.6M 0.01%
1,224,812
+60,752
+5% +$4.11M
BERY
685
DELISTED
Berry Global Group, Inc.
BERY
$81.6M 0.01%
1,318,910
+216,916
+20% +$12.2M
MUSA icon
686
Murphy USA
MUSA
$10.7B
$81.6M 0.01%
228,742
+30,932
+16% +$11.2M
FIX icon
687
Comfort Systems
FIX
$61.1B
$81.3M 0.01%
395,289
+25,098
+7% +$4.64M
SSD icon
688
Simpson Manufacturing
SSD
$8.12B
$81.1M 0.01%
409,482
+195,660
+92% +$31M
TROW icon
689
T. Rowe Price
TROW
$24.5B
$80.8M 0.01%
750,592
-844,703
-53% -$84.1M
VOYA icon
690
Voya Financial
VOYA
$9.08B
$80.7M 0.01%
1,106,759
+5,058
+0.5% +$353K
SRPT icon
691
Sarepta Therapeutics
SRPT
$1.68B
$80.7M 0.01%
836,849
+23,884
+3% +$2.29M
CMA
692
DELISTED
Comerica
CMA
$80.7M 0.01%
1,445,810
+432,279
+43% +$19.5M
WING icon
693
Wingstop
WING
$3.37B
$80.4M 0.01%
313,443
+259,435
+480% +$56M
EXLS icon
694
EXL Service
EXLS
$5.11B
$79.9M 0.01%
2,590,925
+449,315
+21% +$12.7M
IFF icon
695
International Flavors & Fragrances
IFF
$22.5B
$79.8M 0.01%
985,697
-31,347
-3% -$2.27M
LEA icon
696
Lear
LEA
$6.18B
$79.6M 0.01%
563,774
-26,860
-5% -$3.6M
XPO icon
697
XPO
XPO
$23.4B
$79.6M 0.01%
908,684
+516,573
+132% +$42.1M
SNX icon
698
TD Synnex
SNX
$21B
$79.5M 0.01%
738,833
+267,834
+57% +$26.3M
TPR icon
699
Tapestry
TPR
$32.2B
$79.4M 0.01%
2,155,728
-411,562
-16% -$12.7M
WCC
700
WESCO International
WCC
$18.2B
$79.1M 0.01%
454,815
+117,632
+35% +$17.6M
26 27
28
29 30

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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.