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 |
Alphabet (Google) Class C
GOOG
|
+$2.21B |
| 2 |
Shell
SHEL
|
+$646M |
| 3 |
S&P Global
SPGI
|
+$609M |
| 4 |
Advanced Micro Devices
AMD
|
+$575M |
| 5 |
Thermo Fisher Scientific
TMO
|
+$533M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$2.17B |
| 2 |
Chevron
CVX
|
+$1.22B |
| 3 |
INFO
IHS Markit Ltd. Common Shares
INFO
|
+$579M |
| 4 |
XLNX
Xilinx Inc
XLNX
|
+$487M |
| 5 |
Nucor
NUE
|
+$487M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.29% |
| 2 | Financials | 14.66% |
| 3 | Healthcare | 12.85% |
| 4 | Consumer Discretionary | 11.35% |
| 5 | Communication Services | 8.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Royal Bank of Canada
RY
$291B
| $1.66B | 0.36% |
15,060,630
-342,321
| -2% | -$38.4M |
|
52
Netflix
NFLX
$299B
| $1.62B | 0.35% |
43,330,020
-29,480
| -0.1% | -$1.23M |
|
|
53
Advanced Micro Devices
AMD
$776B
| $1.61B | 0.35% |
14,710,093
+4,820,364
| +49% | +$575M |
|
54
Union Pacific
UNP
$174B
| $1.59B | 0.35% |
5,830,829
+77,144
| +1% | +$19.5M |
|
55
Wells Fargo
WFC
$261B
| $1.58B | 0.34% |
32,572,065
-76,340
| -0.2% | -$4.09M |
|
56
Nike
NKE
$61.9B
| $1.58B | 0.34% |
11,705,212
+337,325
| +3% | +$47.4M |
|
57
Texas Instruments
TXN
$252B
| $1.55B | 0.34% |
8,472,373
+328,425
| +4% | +$57.9M |
|
58
Boston Properties
BXP
$11.2B
| $1.55B | 0.34% |
12,050,159
-987,395
| -8% | -$120M |
|
59
Welltower
WELL
$169B
| $1.5B | 0.33% |
15,559,841
| – | – |
|
60
AvalonBay Communities
AVB
$26.5B
| $1.47B | 0.32% |
5,936,186
| – | – |
|
61
Medtronic
MDT
$109B
| $1.47B | 0.32% |
13,205,787
+163,516
| +1% | +$17.3M |
|
62
RTX Corp
RTX
$290B
| $1.46B | 0.32% |
14,737,569
-103,777
| -0.7% | -$9.84M |
|
63
United Parcel Service
UPS
$88.6B
| $1.42B | 0.31% |
6,625,667
+98,022
| +2% | +$20.8M |
|
64
Bristol-Myers Squibb
BMY
$133B
| $1.39B | 0.3% |
19,080,808
-3,597,010
| -16% | -$242M |
|
65
Lowe's Companies
LOW
$117B
| $1.37B | 0.3% |
6,780,607
+5,490
| +0.1% | +$1.26M |
|
66
Morgan Stanley
MS
$331B
| $1.37B | 0.3% |
15,678,483
-381,266
| -2% | -$36.8M |
|
67
CVS Health
CVS
$133B
| $1.37B | 0.3% |
13,533,493
+477,993
| +4% | +$50.2M |
|
68
Arthur J. Gallagher & Co
AJG
$64.1B
| $1.34B | 0.29% |
7,657,802
+746,262
| +11% | +$119M |
|
|
69
S&P Global
SPGI
$121B
| $1.33B | 0.29% |
3,236,640
+1,494,367
| +86% | +$609M |
|
70
Deere & Co
DE
$160B
| $1.22B | 0.27% |
2,942,889
+143,892
| +5% | +$55.1M |
|
71
Invitation Homes
INVH
$17.7B
| $1.2B | 0.26% |
29,983,864
| – | – |
|
|
SCHW
72
Charles Schwab
SCHW
$183B
| $1.18B | 0.26% |
13,987,723
+577,551
| +4% | +$50.8M |
|
73
Intuit
INTU
$86.5B
| $1.17B | 0.25% |
2,431,154
+110,888
| +5% | +$56.8M |
|
74
PayPal
PYPL
$48.9B
| $1.16B | 0.25% |
10,050,542
+113,759
| +1% | +$15.1M |
|
75
Regency Centers
REG
$14.7B
| $1.15B | 0.25% |
16,179,323
| – | – |
|
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Norges Bank's Q1 2022 Portfolio in Review
As of Q1 2022, Norges Bank held 2,291 positions worth $459B, down 5.7% from $486B the previous quarter. Its ten largest holdings account for 23% of the portfolio.
Norges Bank's Q1 2022 filing shows 87 new, 805 increased, 864 reduced and 129 closed positions. Its largest new stake was Shell: 12,168,641 shares worth $668M. The largest sale was Alphabet (Google) Class A, an estimated $2.17B.
By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 25% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2022 buy was Shell: 12,168,641 shares worth $668M.
- Norges Bank added most to Alphabet (Google) Class C in Q1 2022, an estimated $2.21B increase.
- Norges Bank's biggest Q1 2022 reduction was Alphabet (Google) Class A, cutting an estimated $2.17B.
- Norges Bank fully exited IHS Markit Ltd. Common Shares in Q1 2022, selling an estimated $579M.
- Norges Bank's ten largest holdings make up 23% of its $459B portfolio in Q1 2022.
- Norges Bank opened 87 new positions and closed 129 in Q1 2022.
- Norges Bank's portfolio value fell 5.7% quarter-over-quarter to $459B.
Based on Norges Bank's 13F filing for Q1 2022, filed 9 May 2022.