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
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.8% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
701
DT Midstream
DTM
$13.3B
| $116M | 0.01% |
+966,869
| New | +$111M |
|
702
Allison Transmission
ALSN
$10.4B
| $116M | 0.01% |
+1,181,548
| New | +$104M |
|
703
Houlihan Lokey
HLI
$9.28B
| $115M | 0.01% |
+662,940
| New | +$122M |
|
704
Tetra Tech
TTEK
$9.43B
| $115M | 0.01% |
+3,433,575
| New | +$116M |
|
705
CareTrust REIT
CTRE
$9.26B
| $115M | 0.01% |
+3,175,053
| New | +$114M |
|
706
American Financial Group
AFG
$11.9B
| $115M | 0.01% |
+838,902
| New | +$115M |
|
707
Madrigal Pharmaceuticals
MDGL
$12.5B
| $114M | 0.01% |
+196,393
| New | +$100M |
|
708
Affiliated Managers Group
AMG
$9.6B
| $114M | 0.01% |
+394,559
| New | +$102M |
|
709
Post Holdings
POST
$3.84B
| $114M | 0.01% |
+1,147,505
| New | +$119M |
|
710
International Flavors & Fragrances
IFF
$22.3B
| $113M | 0.01% |
+1,681,024
| New | +$109M |
|
711
Arrowhead Research
ARWR
$12B
| $113M | 0.01% |
+1,704,464
| New | +$83.5M |
|
712
KE Holdings
BEKE
$20.1B
| $113M | 0.01% |
+7,160,110
| New | +$123M |
|
713
Service Corp International
SCI
$11.4B
| $113M | 0.01% |
+1,446,420
| New | +$116M |
|
714
Roivant Sciences
ROIV
$25.6B
| $113M | 0.01% |
+5,195,859
| New | +$103M |
|
|
TTAN
715
ServiceTitan Inc
TTAN
$9.44B
| $113M | 0.01% |
+1,058,008
| New | +$103M |
|
716
Match Group
MTCH
$9.6B
| $113M | 0.01% |
+3,488,428
| New | +$115M |
|
717
Brixmor Property Group
BRX
$8.97B
| $112M | 0.01% |
+4,283,257
| New | +$113M |
|
718
Wintrust Financial
WTFC
$10.3B
| $112M | 0.01% |
+800,487
| New | +$106M |
|
719
Zurn Elkay Water Solutions
ZWS
$7.95B
| $111M | 0.01% |
+2,394,953
| New | +$112M |
|
720
Ryder
R
$9.43B
| $111M | 0.01% |
+580,846
| New | +$104M |
|
721
Watsco Inc
WSO
$12.7B
| $111M | 0.01% |
+328,989
| New | +$117M |
|
722
UGI
UGI
$8.19B
| $110M | 0.01% |
+2,942,537
| New | +$104M |
|
723
Lyft
LYFT
$6.72B
| $110M | 0.01% |
+5,678,232
| New | +$118M |
|
|
OS
724
DELISTED
OneStream Inc
OS
| $110M | 0.01% |
+5,974,029
| New | +$114M |
|
725
Molina Healthcare
MOH
$10.5B
| $110M | 0.01% |
+632,509
| New | +$104M |
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.