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 |
Deutsche Bank
DB
|
+$567M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$494M |
| 3 |
Equinix
EQIX
|
+$336M |
| 4 |
Charter Communications
CHTR
|
+$297M |
| 5 |
Apple
AAPL
|
+$227M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
|
+$559M |
| 2 |
Aflac
AFL
|
+$475M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$333M |
| 4 |
Aon
AON
|
+$261M |
| 5 |
Verizon
VZ
|
+$247M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 17.36% |
| 2 | Healthcare | 14.14% |
| 3 | Technology | 13.46% |
| 4 | Consumer Discretionary | 9.42% |
| 5 | Communication Services | 8.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
RTX Corp
RTX
$295B
| $755M | 0.36% |
11,706,039
-487,937
| -4% | -$31.2M |
|
52
Eli Lilly
LLY
$1.09T
| $729M | 0.35% |
9,251,399
+163,270
| +2% | +$12.3M |
|
53
Mastercard
MA
$499B
| $723M | 0.34% |
8,208,923
+380,609
| +5% | +$36.3M |
|
54
Teva Pharmaceuticals
TEVA
$40.5B
| $723M | 0.34% |
14,387,639
+2,507,844
| +21% | +$134M |
|
|
AGN
55
DELISTED
Allergan plc
AGN
| $687M | 0.33% |
2,972,909
-60,988
| -2% | -$14.1M |
|
56
Qualcomm
QCOM
$171B
| $683M | 0.32% |
12,741,988
-1,073,719
| -8% | -$56.6M |
|
57
United Parcel Service
UPS
$88.9B
| $669M | 0.32% |
6,212,177
+351,063
| +6% | +$36.5M |
|
58
Royal Bank of Canada
RY
$293B
| $663M | 0.32% |
11,280,616
-63,488
| -0.6% | -$3.81M |
|
59
Starbucks
SBUX
$119B
| $661M | 0.31% |
11,565,410
+524,165
| +5% | +$29.8M |
|
60
Accenture
ACN
$101B
| $656M | 0.31% |
5,794,204
+308,329
| +6% | +$35.8M |
|
61
Costco
COST
$430B
| $649M | 0.31% |
4,132,173
+280,027
| +7% | +$42.4M |
|
62
Kraft Heinz
KHC
$32.5B
| $635M | 0.3% |
7,171,930
+147,975
| +2% | +$12.2M |
|
63
Union Pacific
UNP
$174B
| $629M | 0.3% |
7,212,174
+53,965
| +0.8% | +$4.56M |
|
64
Lowe's Companies
LOW
$121B
| $624M | 0.3% |
7,882,005
-293,162
| -4% | -$22.7M |
|
65
Toronto Dominion Bank
TD
$197B
| $621M | 0.29% |
14,522,298
-10,012
| -0.1% | -$436K |
|
66
Mondelez International
MDLZ
$85.2B
| $617M | 0.29% |
13,553,661
-184,293
| -1% | -$8.03M |
|
67
Scotiabank
BNS
$107B
| $614M | 0.29% |
12,586,533
-262,106
| -2% | -$12.9M |
|
68
Texas Instruments
TXN
$254B
| $608M | 0.29% |
9,707,624
+326,475
| +3% | +$19.4M |
|
69
Loews
L
$24.6B
| $605M | 0.29% |
14,727,978
-350,898
| -2% | -$13.9M |
|
70
Boston Properties
BXP
$11.6B
| $590M | 0.28% |
4,471,362
| – | – |
|
|
WBA
71
DELISTED
Walgreens Boots Alliance
WBA
| $589M | 0.28% |
7,078,593
-180,804
| -2% | -$14.6M |
|
72
US Bancorp
USB
$99.9B
| $571M | 0.27% |
14,162,568
+614,470
| +5% | +$25.6M |
|
73
Thermo Fisher Scientific
TMO
$216B
| $565M | 0.27% |
3,825,877
+321,838
| +9% | +$47.5M |
|
74
Nike
NKE
$63.2B
| $553M | 0.26% |
10,025,399
+451,602
| +5% | +$25.7M |
|
75
Danaher
DHR
$141B
| $549M | 0.26% |
8,088,121
-483,290
| -6% | -$31.6M |
|
Similar funds
Norges Bank's Q2 2016 Portfolio in Review
As of Q2 2016, Norges Bank held 2,246 positions worth $210B, up 3.5% from $203B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Norges Bank's Q2 2016 filing shows 58 new, 1,025 increased, 662 reduced and 72 closed positions. Its largest new stake was Deutsche Bank: 37,741,953 shares worth $461M. The largest sale was TIME WARNER CABLE INC NEW COM STK, an estimated $559M.
By sector, the portfolio is most concentrated in Financials at 17% of assets, down from 18% a quarter earlier, followed by Healthcare and Technology.
- Norges Bank's largest Q2 2016 buy was Deutsche Bank: 37,741,953 shares worth $461M.
- Norges Bank added most to Alphabet (Google) Class A in Q2 2016, an estimated $494M increase.
- Norges Bank's biggest Q2 2016 reduction was Aflac, cutting an estimated $475M.
- Norges Bank fully exited TIME WARNER CABLE INC NEW COM STK in Q2 2016, selling an estimated $559M.
- Norges Bank's ten largest holdings make up 14% of its $210B portfolio in Q2 2016.
- Norges Bank opened 58 new positions and closed 72 in Q2 2016.
- Norges Bank's portfolio value rose 3.5% quarter-over-quarter to $210B.
Based on Norges Bank's 13F filing for Q2 2016, filed 12 Aug 2016.