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 |
Microsoft
MSFT
|
+$1.37B |
| 2 |
Broadcom
AVGO
|
+$1.13B |
| 3 |
Bank of America
BAC
|
+$880M |
| 4 |
Amazon
AMZN
|
+$755M |
| 5 |
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 |
Kenvue
KVUE
|
+$514M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
701
FIVE9
FIVN
$2.27B
| $79M | 0.01% |
1,004,386
+251,829
| +33% | +$17.5M |
|
702
Arrow Electronics
ARW
$11.6B
| $79M | 0.01% |
646,438
+37,063
| +6% | +$4.42M |
|
703
Maplebear
CART
$10.7B
| $78.7M | 0.01% |
3,352,122
+497,201
| +17% | +$12.5M |
|
704
Kinsale Capital Group
KNSL
$8.47B
| $78.6M | 0.01% |
234,577
+4,326
| +2% | +$1.6M |
|
705
First Industrial Realty Trust
FR
$8.51B
| $78.6M | 0.01% |
1,491,523
-84,816
| -5% | -$3.95M |
|
706
Texas Roadhouse
TXRH
$13.7B
| $78.5M | 0.01% |
642,588
-69,717
| -10% | -$7.45M |
|
707
Tenet Healthcare
THC
$21.1B
| $78.3M | 0.01% |
1,035,511
+4,785
| +0.5% | +$303K |
|
|
FLG
708
Flagstar Bank National Association
FLG
$5.97B
| $77.6M | 0.01% |
2,529,427
-111,406
| -4% | -$3.34M |
|
709
Rentokil
RTO
$12.4B
| $77.5M | 0.01% |
2,710,486
+5,000
| +0.2% | +$147K |
|
710
Vistra
VST
$47.5B
| $77.5M | 0.01% |
2,012,530
+385,905
| +24% | +$13.4M |
|
711
KBR
KBR
$4.58B
| $77.2M | 0.01% |
1,393,131
-8,775
| -0.6% | -$484K |
|
712
APi Group
APG
$18.1B
| $77.1M | 0.01% |
3,341,221
-978,827
| -23% | -$18.9M |
|
713
Toast
TOST
$20.2B
| $76.7M | 0.01% |
4,200,398
+511,824
| +14% | +$8.39M |
|
714
West Fraser Timber
WFG
$5.5B
| $76.4M | 0.01% |
893,137
-57,976
| -6% | -$4.29M |
|
715
Meritage Homes
MTH
$4.89B
| $76.3M | 0.01% |
875,974
+21,494
| +3% | +$1.48M |
|
716
First American
FAF
$7.65B
| $76.2M | 0.01% |
1,182,655
+43,672
| +4% | +$2.49M |
|
717
Olin
OLN
$2.13B
| $76.1M | 0.01% |
1,411,032
-5,607
| -0.4% | -$268K |
|
718
VF Corp
VFC
$5.98B
| $76.1M | 0.01% |
4,045,696
+849,647
| +27% | +$14.6M |
|
719
BorgWarner
BWA
$13.7B
| $75.5M | 0.01% |
2,105,695
+989,799
| +89% | +$35.3M |
|
720
SouthState Bank Corp
SSB
$10.6B
| $75.5M | 0.01% |
893,846
+111,492
| +14% | +$8.23M |
|
|
SKX
721
DELISTED
Skechers
SKX
| $75.2M | 0.01% |
1,206,185
+652,899
| +118% | +$35.2M |
|
722
Saic
SAIC
$5.09B
| $75M | 0.01% |
603,604
+52,479
| +10% | +$6.11M |
|
723
SPS Commerce
SPSC
$2.61B
| $75M | 0.01% |
386,796
+11,043
| +3% | +$1.93M |
|
724
Expeditors International
EXPD
$23.7B
| $74.8M | 0.01% |
587,761
+98,566
| +20% | +$11.6M |
|
725
Bruker
BRKR
$8.01B
| $74.6M | 0.01% |
1,014,991
+15,018
| +2% | +$962K |
|
Similar funds
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.