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 |
Walmart Inc
WMT
|
+$864M |
| 2 |
T-Mobile US
TMUS
|
+$580M |
| 3 |
Meta Platforms (Facebook)
META
|
+$367M |
| 4 |
AbbVie
ABBV
|
+$348M |
| 5 |
Blackrock
BLK
|
+$335M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AGN
Allergan plc
AGN
|
+$692M |
| 2 |
RTN
Raytheon Company
RTN
|
+$368M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$279M |
| 4 |
Visa
V
|
+$237M |
| 5 |
Intel
INTC
|
+$187M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.84% |
| 2 | Healthcare | 13.58% |
| 3 | Financials | 13.55% |
| 4 | Consumer Discretionary | 13.35% |
| 5 | Communication Services | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Accenture
ACN
$106B
| $1.35B | 0.39% |
6,309,374
+188,332
| +3% | +$35.6M |
|
|
52
Bristol-Myers Squibb
BMY
$129B
| $1.33B | 0.38% |
22,611,322
-4,670,591
| -17% | -$279M |
|
53
Amgen
AMGN
$209B
| $1.33B | 0.38% |
5,622,494
-556,359
| -9% | -$127M |
|
54
Texas Instruments
TXN
$248B
| $1.31B | 0.38% |
10,343,573
-96,444
| -0.9% | -$11.2M |
|
55
Nike
NKE
$64.1B
| $1.3B | 0.37% |
13,215,414
+396,059
| +3% | +$36.6M |
|
56
Medtronic
MDT
$112B
| $1.28B | 0.37% |
13,926,323
+835,616
| +6% | +$80.1M |
|
57
Danaher
DHR
$138B
| $1.26B | 0.36% |
8,040,337
-76,556
| -0.9% | -$11M |
|
58
Broadcom
AVGO
$1.76T
| $1.21B | 0.35% |
38,383,560
+1,828,280
| +5% | +$51.2M |
|
59
Boston Properties
BXP
$11.6B
| $1.18B | 0.34% |
13,037,554
| – | – |
|
60
Union Pacific
UNP
$174B
| $1.16B | 0.33% |
6,840,657
-4,963
| -0.1% | -$795K |
|
61
Royal Bank of Canada
RY
$287B
| $1.14B | 0.33% |
16,850,787
+1,496,229
| +10% | +$95.2M |
|
62
Oracle
ORCL
$339B
| $1.11B | 0.32% |
20,152,193
-766,801
| -4% | -$40.6M |
|
63
Lowe's Companies
LOW
$121B
| $1.09B | 0.31% |
8,032,686
-147,698
| -2% | -$16.9M |
|
64
IBM
IBM
$213B
| $1.07B | 0.31% |
9,287,805
+33,179
| +0.4% | +$3.85M |
|
65
Qualcomm
QCOM
$164B
| $1.05B | 0.3% |
11,489,112
+149,127
| +1% | +$12M |
|
66
Gilead Sciences
GILD
$165B
| $995M | 0.29% |
12,927,129
-1,259,512
| -9% | -$96.5M |
|
67
Wells Fargo
WFC
$254B
| $974M | 0.28% |
38,045,259
+2,271,241
| +6% | +$62.1M |
|
68
American Tower
AMT
$83.5B
| $974M | 0.28% |
3,765,675
-311,405
| -8% | -$77M |
|
69
RTX Corp
RTX
$290B
| $971M | 0.28% |
15,757,547
+2,507,442
| +19% | +$156M |
|
70
CVS Health
CVS
$135B
| $903M | 0.26% |
13,902,918
+971,699
| +8% | +$61.2M |
|
71
Toronto Dominion Bank
TD
$193B
| $861M | 0.25% |
19,287,425
+347,713
| +2% | +$14.8M |
|
72
Starbucks
SBUX
$119B
| $860M | 0.25% |
11,682,019
-711,096
| -6% | -$53.4M |
|
73
Shopify
SHOP
$168B
| $858M | 0.25% |
9,038,260
-577,760
| -6% | -$40.1M |
|
74
Sempra
SRE
$58.1B
| $807M | 0.23% |
13,765,476
+285,558
| +2% | +$17.5M |
|
75
Regeneron Pharmaceuticals
REGN
$72.9B
| $782M | 0.23% |
1,253,527
+433,272
| +53% | +$246M |
|
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Norges Bank's Q2 2020 Portfolio in Review
As of Q2 2020, Norges Bank held 2,120 positions worth $347B, up 24% from $281B the previous quarter. Its ten largest holdings account for 22% of the portfolio.
Norges Bank's Q2 2020 filing shows 74 new, 993 increased, 738 reduced and 44 closed positions. Its largest new stake was Nikola Corporation Common Stock: 333,333 shares worth $675M. The largest sale was Allergan plc, an estimated $692M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, up from 21% a quarter earlier, followed by Healthcare and Financials.
- Norges Bank's largest Q2 2020 buy was Nikola Corporation Common Stock: 333,333 shares worth $675M.
- Norges Bank added most to Walmart Inc in Q2 2020, an estimated $864M increase.
- Norges Bank's biggest Q2 2020 reduction was Bristol-Myers Squibb, cutting an estimated $279M.
- Norges Bank fully exited Allergan plc in Q2 2020, selling an estimated $692M.
- Norges Bank's ten largest holdings make up 22% of its $347B portfolio in Q2 2020.
- Norges Bank opened 74 new positions and closed 44 in Q2 2020.
- Norges Bank's portfolio value rose 24% quarter-over-quarter to $347B.
Based on Norges Bank's 13F filing for Q2 2020, filed 7 Aug 2020.