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 |
DuPont de Nemours
DD
|
+$764M |
| 2 |
Lear
LEA
|
+$169M |
| 3 |
Alibaba
BABA
|
+$169M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$168M |
| 5 |
Bank of America
BAC
|
+$156M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Du Pont De Nemours E I
DD
|
+$712M |
| 2 |
Blackrock
BLK
|
+$428M |
| 3 |
Ameriprise Financial
AMP
|
+$273M |
| 4 |
BHI
Baker Hughes
BHI
|
+$220M |
| 5 |
Chemours
CC
|
+$196M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 18.93% |
| 2 | Technology | 15.97% |
| 3 | Healthcare | 14% |
| 4 | Consumer Discretionary | 9.71% |
| 5 | Industrials | 9.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
51
Medtronic
MDT
$113B
| $928M | 0.35% |
11,934,049
+313,368
| +3% | +$26M |
2015 Q3
8 quarters
|
|
52
Equinix
EQIX
$101B
| $922M | 0.35% |
2,065,681
-61,693
| -3% | -$27.6M |
2013 Q2
17 quarters
|
|
53
Charter Communications
CHTR
$11.8B
| $897M | 0.34% |
2,468,947
+189,959
| +8% | +$70.7M |
2013 Q2
17 quarters
|
|
54
NVIDIA
NVDA
$5.54T
| $875M | 0.33% |
195,776,760
+1,377,640
| +0.7% | +$5.73M |
2013 Q2
17 quarters
|
|
55
Texas Instruments
TXN
$259B
| $851M | 0.32% |
9,495,244
+63,151
| +0.7% | +$5.19M |
2013 Q2
17 quarters
|
|
56
CVS Health
CVS
$110B
| $843M | 0.32% |
10,368,785
| – | – |
2013 Q2
17 quarters
|
|
57
RTX Corp
RTX
$251B
| $829M | 0.31% |
11,343,933
-521,567
| -4% | -$38.6M |
2013 Q2
17 quarters
|
|
58
US Bancorp
USB
$88.9B
| $828M | 0.31% |
15,452,031
+698,164
| +5% | +$36.5M |
2013 Q2
17 quarters
|
|
59
Thermo Fisher Scientific
TMO
$243B
| $827M | 0.31% |
4,373,326
+359,382
| +9% | +$65.1M |
2013 Q2
17 quarters
|
|
60
Eli Lilly
LLY
$1.05T
| $821M | 0.31% |
9,596,829
| – | – |
2013 Q2
17 quarters
|
|
61
Booking.com
BKNG
$120B
| $794M | 0.3% |
10,843,825
+27,475
| +0.3% | +$2.08M |
2013 Q2
17 quarters
|
|
62
Scotiabank
BNS
$108B
| $782M | 0.3% |
12,199,587
+483,956
| +4% | +$30.1M |
2013 Q2
17 quarters
|
|
63
Broadcom
AVGO
$1.73T
| $772M | 0.29% |
31,838,940
-683,220
| -2% | -$16.9M |
2013 Q2
17 quarters
|
|
64
Accenture
ACN
$128B
| $760M | 0.29% |
5,627,326
-50,557
| -0.9% | -$6.59M |
2013 Q2
17 quarters
|
|
65
The Kraft Heinz Company
KHC
$26.4B
| $750M | 0.28% |
9,671,402
+171,273
| +2% | +$14.3M |
2015 Q3
8 quarters
|
|
66
American International
AIG
$40.3B
| $740M | 0.28% |
12,050,605
+1,986,974
| +20% | +$124M |
2013 Q2
17 quarters
|
|
67
Qualcomm
QCOM
$187B
| $737M | 0.28% |
14,208,774
-367,139
| -3% | -$19.4M |
2013 Q2
17 quarters
|
|
68
American Express
AXP
$208B
| $707M | 0.27% |
7,814,056
+359,801
| +5% | +$30.9M |
2013 Q2
17 quarters
|
|
69
Aptiv
APTV
$9.09B
| $703M | 0.27% |
7,144,083
-916,547
| -11% | -$86.5M |
2013 Q2
17 quarters
|
|
|
AGN
70
DELISTED
Allergan plc
AGN
| $698M | 0.26% |
3,406,356
+126,200
| +4% | +$29.3M |
2015 Q3
8 quarters
|
|
71
DELISTED
Walgreens Boots Alliance
WBA
| $683M | 0.26% |
8,839,654
-274,284
| -3% | -$22M |
2013 Q2
17 quarters
|
|
|
TWX
72
DELISTED
Time Warner Inc
TWX
| $677M | 0.26% |
6,609,650
+136,018
| +2% | +$13.8M |
2013 Q2
17 quarters
|
|
73
Vornado Realty Trust
VNO
$6.28B
| $667M | 0.25% |
8,682,351
+911,083
| +12% | +$69.5M |
2013 Q2
17 quarters
|
|
74
Starbucks
SBUX
$103B
| $665M | 0.25% |
12,386,046
-65,678
| -0.5% | -$3.64M |
2013 Q2
17 quarters
|
|
75
Eaton
ETN
$167B
| $664M | 0.25% |
8,651,144
+199,792
| +2% | +$15.1M |
2013 Q2
17 quarters
|
|
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Norges Bank's Q3 2017 Portfolio in Review
As of Q3 2017, Norges Bank held 2,207 positions worth $264B, up 4.6% from $252B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
Norges Bank's Q3 2017 filing shows 81 new, 871 increased, 707 reduced and 82 closed positions. Its largest new stake was Alibaba: 1,042,351 shares worth $180M. The largest sale was Du Pont De Nemours E I, an estimated $712M.
By sector, the portfolio is most concentrated in Financials at 19% of assets, up from 19% a quarter earlier, followed by Technology and Healthcare.
- Norges Bank's largest Q3 2017 buy was Alibaba: 1,042,351 shares worth $180M.
- Norges Bank added most to DuPont de Nemours in Q3 2017, an estimated $764M increase.
- Norges Bank's biggest Q3 2017 reduction was Blackrock, cutting an estimated $428M.
- Norges Bank fully exited Du Pont De Nemours E I in Q3 2017, selling an estimated $712M.
- Norges Bank's ten largest holdings make up 15% of its $264B portfolio in Q3 2017.
- Norges Bank opened 81 new positions and closed 82 in Q3 2017.
- Norges Bank's portfolio value rose 4.6% quarter-over-quarter to $264B.
Based on Norges Bank's 13F filing for Q3 2017, filed 7 Nov 2017.