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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

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.

This Fund
S&P 500
This Quarter Est. Return
+13.49%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$572B
AUM Growth
+$79.5B
Cap. Flow
+$18.4B
Cap. Flow %
3.21%
Top 10 Hldgs %
27.08%
Holding
2,039
New
73
Increased
987
Reduced
741
Closed
97

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$1.37B
2
AVGO icon
Broadcom
AVGO
+$1.13B
3
BAC icon
Bank of America
BAC
+$880M
4
AMZN icon
Amazon
AMZN
+$755M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$744M

Top Sells

Rank Stock Value
1
ATVI
Activision Blizzard
ATVI
+$1.2B
2
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
+$822M
3
SGEN
Seagen Inc. Common Stock
SGEN
+$542M
4
KVUE icon
Kenvue
KVUE
+$514M
5
RTX icon
RTX Corp
RTX
+$501M

Sector Composition

Rank Sector Weight
1 Technology 28.35%
2 Financials 13.96%
3 Healthcare 11.94%
4 Consumer Discretionary 11.37%
5 Communication Services 8.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAE icon
726
CAE Inc. Common Shares
CAE
$8.62B
$74.4M 0.01%
3,447,408
+167,407
+5% +$3.57M
LBTYA icon
727
Liberty Global Class A
LBTYA
$3.6B
$73.5M 0.01%
4,138,988
+10,071
+0.2% +$163K
CIEN icon
728
Ciena
CIEN
$57.9B
$73.5M 0.01%
1,632,436
+53,881
+3% +$2.38M
EXEL icon
729
Exelixis
EXEL
$14.3B
$73.4M 0.01%
3,061,647
+121,062
+4% +$2.63M
RHI icon
730
Robert Half
RHI
$4.15B
$73.3M 0.01%
833,839
+181,780
+28% +$14.4M
BRX icon
731
Brixmor Property Group
BRX
$9.48B
$73.1M 0.01%
3,143,229
+30,898
+1% +$665K
BIO icon
732
Bio-Rad Laboratories Class A
BIO
$9.3B
$73.1M 0.01%
226,523
-735
-0.3% -$230K
CFR icon
733
Cullen/Frost Bankers
CFR
$10.3B
$72.6M 0.01%
669,439
+70,331
+12% +$6.83M
AIT icon
734
Applied Industrial Technologies
AIT
$13.2B
$72.4M 0.01%
419,459
+10,360
+3% +$1.68M
CROX icon
735
Crocs
CROX
$6.58B
$72.2M 0.01%
773,057
+320,595
+71% +$29.6M
H icon
736
Hyatt Hotels
H
$16.9B
$72.1M 0.01%
552,761
+22,163
+4% +$2.51M
CBSH icon
737
Commerce Bancshares
CBSH
$8.58B
$71.8M 0.01%
1,482,824
+32,360
+2% +$1.4M
SCCO icon
738
Southern Copper
SCCO
$165B
$71.8M 0.01%
899,895
-29,411
-3% -$2.05M
WH icon
739
Wyndham Hotels & Resorts
WH
$5.64B
$71.7M 0.01%
891,391
-152,889
-15% -$11.5M
ADC icon
740
Agree Realty
ADC
$9.47B
$71.4M 0.01%
1,134,370
+186,157
+20% +$10.8M
SOFI icon
741
SoFi Technologies
SOFI
$23.5B
$71.3M 0.01%
7,170,737
-1,696,947
-19% -$13.5M
MAT icon
742
Mattel
MAT
$4.2B
$71.3M 0.01%
3,774,133
+116,162
+3% +$2.26M
MSTR icon
743
Strategy Inc
MSTR
$36B
$71M 0.01%
1,123,930
+942,830
+521% +$44.7M
GIL icon
744
Gildan
GIL
$10.8B
$70.9M 0.01%
2,144,333
+60,187
+3% +$1.95M
FOX icon
745
Fox Class B
FOX
$21.9B
$70.6M 0.01%
2,553,258
+323,626
+15% +$9.09M
HAS icon
746
Hasbro
HAS
$12.9B
$70.5M 0.01%
1,381,596
+295,375
+27% +$14.9M
VIPS icon
747
Vipshop
VIPS
$7.47B
$70.3M 0.01%
3,960,197
+14,994
+0.4% +$234K
HLI icon
748
Houlihan Lokey
HLI
$8.94B
$70.2M 0.01%
585,646
+25,256
+5% +$2.74M
NI icon
749
NiSource
NI
$20.6B
$70.1M 0.01%
2,639,915
+434,775
+20% +$11.2M
STAG icon
750
STAG Industrial
STAG
$7.19B
$70M 0.01%
1,782,734
-218,216
-11% -$7.75M
28 29
30
31 32

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Norges Bank's Q4 2023 Portfolio in Review

As of Q4 2023, Norges Bank held 2,039 positions worth $572B, up 16% from $493B the previous quarter. Its ten largest holdings account for 27% of the portfolio.

Norges Bank deployed $18.4B of net new capital in Q4 2023, opening 73 new positions and adding to 987 existing holdings. Its largest new stake was Veralto: 3,235,391 shares worth $266M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was Kenvue, an estimated $514M trimmed.

  • Norges Bank's largest Q4 2023 buy was Veralto: 3,235,391 shares worth $266M.
  • Norges Bank added most to Microsoft in Q4 2023, an estimated $1.37B increase.
  • Norges Bank's biggest Q4 2023 reduction was Kenvue, cutting an estimated $514M.
  • Norges Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $1.2B.
  • Norges Bank's ten largest holdings make up 27% of its $572B portfolio in Q4 2023.
  • Norges Bank opened 73 new positions and closed 97 in Q4 2023.
  • Norges Bank's portfolio value rose 16% quarter-over-quarter to $572B.

Based on Norges Bank's 13F filing for Q4 2023, filed 9 Feb 2024.