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
|
+$1.31B |
| 2 |
Visa
V
|
+$778M |
| 3 |
SCHW
Charles Schwab
SCHW
|
+$528M |
| 4 |
Fortinet
FTNT
|
+$418M |
| 5 |
Prologis
PLD
|
+$340M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$2.06B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$1.83B |
| 3 |
NVIDIA
NVDA
|
+$1.56B |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.47B |
| 5 |
UBS Group
UBS
|
+$1.44B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.04% |
| 2 | Financials | 15.62% |
| 3 | Healthcare | 11.22% |
| 4 | Consumer Discretionary | 10.85% |
| 5 | Communication Services | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
726
Essential Utilities
WTRG
$11.5B
| $88.3M | 0.01% |
2,233,565
-591,338
| -21% | -$21.7M |
|
727
EXL Service
EXLS
$5.79B
| $88.1M | 0.01% |
1,865,341
-533,315
| -22% | -$25.7M |
|
728
Rithm Capital
RITM
$5.59B
| $87.7M | 0.01% |
7,662,782
+637,660
| +9% | +$7.38M |
|
729
Commault Systems
CVLT
$5.82B
| $87.3M | 0.01% |
553,494
+25,900
| +5% | +$4.26M |
|
730
Ryan Specialty Holdings
RYAN
$11.1B
| $87.3M | 0.01% |
1,181,409
-39,878
| -3% | -$2.71M |
|
731
The Ensign Group
ENSG
$10.1B
| $86.9M | 0.01% |
671,535
-11,489
| -2% | -$1.52M |
|
732
Hewlett Packard
HPE
$72B
| $86.7M | 0.01% |
5,621,190
+44,289
| +0.8% | +$882K |
|
733
Aramark
ARMK
$15.5B
| $86.7M | 0.01% |
2,512,220
+128,171
| +5% | +$4.72M |
|
734
Credicorp
BAP
$29.6B
| $85.7M | 0.01% |
460,144
+767
| +0.2% | +$142K |
|
735
Axalta
AXTA
$7.85B
| $85.5M | 0.01% |
2,578,113
+10,913
| +0.4% | +$388K |
|
736
Fabrinet
FN
$15.5B
| $85.4M | 0.01% |
432,435
| – | – |
|
737
MakeMyTrip
MMYT
$5.47B
| $85.4M | 0.01% |
871,391
+63
| +0% | +$6.5K |
|
738
BCE
BCE
$21.8B
| $85.1M | 0.01% |
3,706,845
-79,009
| -2% | -$1.86M |
|
|
CWAN
739
DELISTED
Clearwater Analytics
CWAN
| $85M | 0.01% |
3,172,645
+1,014,126
| +47% | +$28.5M |
|
740
UMB Financial
UMBF
$11B
| $83.7M | 0.01% |
827,935
+687,626
| +490% | +$75.8M |
|
741
ACI Worldwide
ACIW
$5.47B
| $83.6M | 0.01% |
1,528,101
+66,566
| +5% | +$3.53M |
|
742
Wintrust Financial
WTFC
$10.3B
| $83.6M | 0.01% |
743,279
-17,737
| -2% | -$2.19M |
|
743
Armstrong World Industries
AWI
$7.42B
| $83.5M | 0.01% |
592,753
+84,565
| +17% | +$12.5M |
|
744
National Fuel Gas
NFG
$7.88B
| $83.4M | 0.01% |
1,053,521
-57,109
| -5% | -$4.11M |
|
745
WillScot Mobile Mini Holdings
WSC
$3.79B
| $83.4M | 0.01% |
2,999,857
+78,068
| +3% | +$2.65M |
|
746
Open Text
OTEX
$6.1B
| $83.3M | 0.01% |
3,298,089
| – | – |
|
747
Eagle Materials
EXP
$6.06B
| $82.9M | 0.01% |
373,586
-6,020
| -2% | -$1.43M |
|
|
CMA
748
DELISTED
Comerica
CMA
| $82.6M | 0.01% |
1,397,940
+360,751
| +35% | +$22.7M |
|
|
JHG
749
DELISTED
Janus Henderson
JHG
| $82.5M | 0.01% |
2,280,855
+316,946
| +16% | +$13.1M |
|
|
BCPC
750
Balchem Corp
BCPC
$5.67B
| $82.4M | 0.01% |
496,537
+66,062
| +15% | +$10.8M |
|
Similar funds
Norges Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Norges Bank held 1,892 positions worth $712B, down 6.5% from $762B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Norges Bank's Q1 2025 filing shows 47 new, 694 increased, 865 reduced and 149 closed positions. Its largest new stake was Rocket Lab Corp: 4,017,216 shares worth $71.8M. The largest sale was Microsoft, an estimated $2.06B.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 31% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2025 buy was Rocket Lab Corp: 4,017,216 shares worth $71.8M.
- Norges Bank added most to Alphabet (Google) Class A in Q1 2025, an estimated $1.31B increase.
- Norges Bank's biggest Q1 2025 reduction was Microsoft, cutting an estimated $2.06B.
- Norges Bank fully exited HashiCorp, Inc. Class A Common Stock in Q1 2025, selling an estimated $161M.
- Norges Bank's ten largest holdings make up 30% of its $712B portfolio in Q1 2025.
- Norges Bank opened 47 new positions and closed 149 in Q1 2025.
- Norges Bank's portfolio value fell 6.5% quarter-over-quarter to $712B.
Based on Norges Bank's 13F filing for Q1 2025, filed 13 May 2025.