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 |
Linde
LIN
|
+$2.66B |
| 2 |
Cigna
CI
|
+$285M |
| 3 |
Boston Properties
BXP
|
+$242M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$242M |
| 5 |
Aptiv
APTV
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$646M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$543M |
| 3 |
PX
Praxair Inc
PX
|
+$305M |
| 4 |
COL
Rockwell Collins
COL
|
+$240M |
| 5 |
ANDV
Andeavor
ANDV
|
+$222M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 16.89% |
| 3 | Healthcare | 14.43% |
| 4 | Consumer Discretionary | 11.2% |
| 5 | Communication Services | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
726
Rayonier
RYN
$6.45B
| $52M | 0.02% |
2,069,947
| – | – |
|
727
MDU Resources
MDU
$4.15B
| $52M | 0.02% |
5,734,619
| – | – |
|
728
Oshkosh
OSK
$8.64B
| $51.9M | 0.02% |
846,941
| – | – |
|
|
LHCG
729
DELISTED
LHC Group LLC
LHCG
| $51.5M | 0.02% |
548,950
+29,534
| +6% | +$2.82M |
|
730
Jones Lang LaSalle
JLL
$16.6B
| $51.3M | 0.02% |
405,001
+30,243
| +8% | +$4.09M |
|
731
Huntsman Corp
HUN
$1.8B
| $51.1M | 0.02% |
2,649,656
| – | – |
|
732
Paycom
PAYC
$7.61B
| $51.1M | 0.02% |
417,249
+68,015
| +19% | +$8.71M |
|
|
NUVA
733
DELISTED
NuVasive, Inc.
NUVA
| $51M | 0.02% |
1,028,973
+35,473
| +4% | +$2.13M |
|
734
Rollins
ROL
$18.4B
| $50.9M | 0.02% |
2,113,913
+99,090
| +5% | +$2.56M |
|
735
ACI Worldwide
ACIW
$5.8B
| $50.6M | 0.02% |
1,828,070
+39,619
| +2% | +$1.07M |
|
736
EPR Properties
EPR
$4.78B
| $50.6M | 0.02% |
789,786
+71,313
| +10% | +$4.91M |
|
737
Petrobras
PBR
$122B
| $50.4M | 0.02% |
3,877,390
-3,799,392
| -49% | -$55M |
|
738
Park Hotels & Resorts
PK
$3.04B
| $50.4M | 0.02% |
1,941,559
+161,663
| +9% | +$4.79M |
|
739
Rithm Capital
RITM
$5.45B
| $50.4M | 0.02% |
3,547,618
+609,171
| +21% | +$10.3M |
|
|
SCG
740
DELISTED
Scana
SCG
| $50.3M | 0.02% |
1,052,562
| – | – |
|
741
Lincoln Electric
LECO
$14B
| $50.2M | 0.02% |
636,501
-15,986
| -2% | -$1.33M |
|
742
Mueller Water Products
MWA
$3.89B
| $50.2M | 0.02% |
5,514,414
| – | – |
|
743
EnerSys
ENS
$6.71B
| $50.1M | 0.02% |
645,424
| – | – |
|
|
ARGO
744
DELISTED
Argo Group International Holdings, Ltd.
ARGO
| $50M | 0.02% |
744,136
+15,064
| +2% | +$976K |
|
|
WBC
745
DELISTED
WABCO HOLDINGS INC.
WBC
| $50M | 0.02% |
465,754
| – | – |
|
746
Telephone and Data Systems
TDS
$3.76B
| $49.9M | 0.02% |
1,532,591
+30,138
| +2% | +$1,000K |
|
747
Dick's Sporting Goods
DKS
$17.7B
| $49.8M | 0.02% |
1,595,000
+89,766
| +6% | +$3.12M |
|
748
Factset
FDS
$9.35B
| $49.7M | 0.02% |
248,361
+69,505
| +39% | +$15.3M |
|
749
Emergent Biosolutions
EBS
$365M
| $49.6M | 0.02% |
836,399
| – | – |
|
750
Douglas Emmett
DEI
$2B
| $49.5M | 0.02% |
1,451,733
| – | – |
|
Similar funds
Norges Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
- Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
- Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
- Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
- Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
- Norges Bank opened 36 new positions and closed 54 in Q4 2018.
- Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.
Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.