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 A
GOOGL
|
+$1.03B |
| 2 |
Apple
AAPL
|
+$741M |
| 3 |
Microsoft
MSFT
|
+$710M |
| 4 |
Tesla
TSLA
|
+$495M |
| 5 |
Amgen
AMGN
|
+$474M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$915M |
| 2 |
Cigna
CI
|
+$517M |
| 3 |
UBS Group
UBS
|
+$413M |
| 4 |
Morgan Stanley
MS
|
+$300M |
| 5 |
AstraZeneca
AZN
|
+$279M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.58% |
| 2 | Financials | 14.36% |
| 3 | Healthcare | 14.17% |
| 4 | Consumer Discretionary | 11.44% |
| 5 | Communication Services | 8.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Adobe
ADBE
$98.5B
| $1.38B | 0.37% |
5,031,820
+213,099
| +4% | +$80.6M |
|
52
CVS Health
CVS
$134B
| $1.38B | 0.37% |
14,436,003
+597,133
| +4% | +$59.1M |
|
53
Toronto Dominion Bank
TD
$198B
| $1.36B | 0.36% |
22,231,174
+443,562
| +2% | +$28.7M |
|
54
Lowe's Companies
LOW
$118B
| $1.34B | 0.36% |
7,147,706
+41,074
| +0.6% | +$8M |
|
55
Arthur J. Gallagher & Co
AJG
$65.9B
| $1.31B | 0.35% |
7,627,298
-374,515
| -5% | -$66.5M |
|
56
Invitation Homes
INVH
$17.6B
| $1.24B | 0.33% |
36,760,776
+1,433,897
| +4% | +$53.2M |
|
57
RTX Corp
RTX
$289B
| $1.23B | 0.33% |
14,980,375
+606,361
| +4% | +$54.9M |
|
58
Netflix
NFLX
$305B
| $1.17B | 0.31% |
49,673,200
-2,761,740
| -5% | -$61.3M |
|
|
SCHW
59
Charles Schwab
SCHW
$181B
| $1.15B | 0.31% |
15,998,167
+1,264,185
| +9% | +$87.8M |
|
60
AvalonBay Communities
AVB
$26.8B
| $1.14B | 0.3% |
6,200,778
+264,592
| +4% | +$53.4M |
|
61
PayPal
PYPL
$49.3B
| $1.14B | 0.3% |
13,209,683
+1,447,090
| +12% | +$128M |
|
62
Intuit
INTU
$86.3B
| $1.13B | 0.3% |
2,905,875
+87,421
| +3% | +$37.8M |
|
63
Union Pacific
UNP
$172B
| $1.11B | 0.3% |
5,708,591
+22,929
| +0.4% | +$5.07M |
|
64
Welltower
WELL
$170B
| $1.08B | 0.29% |
16,847,350
| – | – |
|
|
65
Amgen
AMGN
$209B
| $1.08B | 0.29% |
4,795,544
+1,956,878
| +69% | +$474M |
|
66
United Parcel Service
UPS
$89.5B
| $1.07B | 0.28% |
6,631,914
+57,474
| +0.9% | +$10.9M |
|
67
AT&T
T
$159B
| $1.06B | 0.28% |
69,423,551
-1,736,599
| -2% | -$31.6M |
|
68
Advanced Micro Devices
AMD
$791B
| $1.06B | 0.28% |
16,801,153
+277,535
| +2% | +$23.6M |
|
69
Medtronic
MDT
$110B
| $1.06B | 0.28% |
13,175,643
+512,087
| +4% | +$46M |
|
70
Elevance Health
ELV
$81.6B
| $1.04B | 0.28% |
2,284,301
+46,274
| +2% | +$22.1M |
|
71
Intel
INTC
$460B
| $1.02B | 0.27% |
39,581,308
-1,811,578
| -4% | -$61.8M |
|
72
Deere & Co
DE
$162B
| $1.02B | 0.27% |
3,045,565
+79,040
| +3% | +$27.1M |
|
73
Starbucks
SBUX
$121B
| $996M | 0.26% |
11,819,549
+1,185,270
| +11% | +$101M |
|
74
Canadian Pacific Kansas City
CP
$77.5B
| $987M | 0.26% |
14,796,517
+1,397,106
| +10% | +$105M |
|
75
S&P Global
SPGI
$122B
| $962M | 0.26% |
3,151,123
+35,336
| +1% | +$12.6M |
|
Similar funds
Norges Bank's Q3 2022 Portfolio in Review
As of Q3 2022, Norges Bank held 2,179 positions worth $376B, down 2.8% from $387B the previous quarter. Its ten largest holdings account for 24% of the portfolio.
Norges Bank's Q3 2022 filing shows 127 new, 1,072 increased, 569 reduced and 90 closed positions. Its largest new stake was Neogen: 14,429,817 shares worth $202M. The largest sale was Alphabet (Google) Class C, an estimated $915M.
By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 24% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q3 2022 buy was Neogen: 14,429,817 shares worth $202M.
- Norges Bank added most to Alphabet (Google) Class A in Q3 2022, an estimated $1.03B increase.
- Norges Bank's biggest Q3 2022 reduction was Alphabet (Google) Class C, cutting an estimated $915M.
- Norges Bank fully exited SailPoint Technologies Holdings, Inc. Common Stock in Q3 2022, selling an estimated $93.7M.
- Norges Bank's ten largest holdings make up 24% of its $376B portfolio in Q3 2022.
- Norges Bank opened 127 new positions and closed 90 in Q3 2022.
- Norges Bank's portfolio value fell 2.8% quarter-over-quarter to $376B.
Based on Norges Bank's 13F filing for Q3 2022, filed 14 Nov 2022.