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 |
Microsoft
MSFT
|
+$1.37B |
| 2 |
Broadcom
AVGO
|
+$1.13B |
| 3 |
Bank of America
BAC
|
+$880M |
| 4 |
Amazon
AMZN
|
+$755M |
| 5 |
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 |
Kenvue
KVUE
|
+$514M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
SRC
751
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
| $70M | 0.01% |
1,601,867
+58,518
| +4% | +$2.26M |
|
752
Core & Main
CNM
$8.71B
| $69.3M | 0.01% |
1,714,488
-1,975,630
| -54% | -$66.9M |
|
753
AGNC Investment
AGNC
$12.6B
| $69.2M | 0.01% |
7,055,597
+2,164,853
| +44% | +$19M |
|
754
Encompass Health
EHC
$11B
| $69.2M | 0.01% |
1,036,843
+39,418
| +4% | +$2.55M |
|
|
SMAR
755
DELISTED
Smartsheet Inc.
SMAR
| $68.9M | 0.01% |
1,440,391
+100,232
| +7% | +$4.27M |
|
756
Five Below
FIVE
$12.4B
| $68.8M | 0.01% |
322,879
-62,859
| -16% | -$11.5M |
|
|
SWAV
757
DELISTED
Shockwave Medical, Inc. Common Stock
SWAV
| $68.8M | 0.01% |
360,827
-257,246
| -42% | -$48.6M |
|
758
Acuity Brands
AYI
$10.7B
| $68.7M | 0.01% |
335,334
-1,328
| -0.4% | -$240K |
|
759
Genpact
G
$5.98B
| $68.7M | 0.01% |
1,978,774
+107,528
| +6% | +$3.71M |
|
760
Coherent
COHR
$64.2B
| $68.5M | 0.01% |
1,573,546
+277,513
| +21% | +$10M |
|
761
Fox Class A
FOXA
$24.6B
| $68.4M | 0.01% |
2,305,048
+187,600
| +9% | +$5.68M |
|
762
Coca-Cola Europacific Partners
CCEP
$48B
| $68.4M | 0.01% |
1,024,269
+25,678
| +3% | +$1.57M |
|
763
Aramark
ARMK
$15B
| $68.3M | 0.01% |
2,430,918
-1,680,666
| -41% | -$45.5M |
|
764
Mine Safety
MSA
$7.44B
| $68.3M | 0.01% |
404,262
+25,123
| +7% | +$4.09M |
|
765
Atkore
ATKR
$3.16B
| $68.1M | 0.01% |
425,679
+12,400
| +3% | +$1.71M |
|
766
Mohawk Industries
MHK
$9.19B
| $68.1M | 0.01% |
657,488
+289,355
| +79% | +$25.3M |
|
767
Procore
PCOR
$8.46B
| $68M | 0.01% |
982,445
-13,302
| -1% | -$820K |
|
768
Western Alliance Bancorporation
WAL
$9.05B
| $67.8M | 0.01% |
1,029,909
+15,565
| +2% | +$785K |
|
769
Zions Bancorporation
ZION
$10.5B
| $67.7M | 0.01% |
1,543,062
+1,328,653
| +620% | +$48M |
|
|
APO.PRA
770
DELISTED
Apollo Global Management Series A
APO.PRA
| $67.7M | 0.01% |
1,200,000
| – | – |
|
771
Broadridge
BR
$18.9B
| $67.6M | 0.01% |
328,576
+199,981
| +156% | +$36.9M |
|
772
Asbury Automotive
ABG
$3.94B
| $67.4M | 0.01% |
299,670
+7,056
| +2% | +$1.49M |
|
773
Affirm
AFRM
$26.3B
| $67.3M | 0.01% |
1,369,766
-746,222
| -35% | -$21.6M |
|
774
Selective Insurance
SIGI
$5.76B
| $67.3M | 0.01% |
676,417
+14,332
| +2% | +$1.47M |
|
775
Generac Holdings
GNRC
$12.8B
| $67.3M | 0.01% |
520,370
+12,605
| +2% | +$1.38M |
|
Similar funds
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.