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 |
NVIDIA
NVDA
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.8% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
776
Charles River Laboratories
CRL
$13.9B
| $96.8M | 0.01% |
+485,087
| New | +$88M |
|
777
MGIC Investment
MTG
$6.39B
| $96.2M | 0.01% |
+3,293,922
| New | +$92.5M |
|
778
Eastman Chemical
EMN
$8.38B
| $95.6M | 0.01% |
+1,498,065
| New | +$92.3M |
|
779
AeroVironment
AVAV
$7.48B
| $94.7M | 0.01% |
+391,316
| New | +$123M |
|
780
Tencent Music
TME
$14B
| $94.4M | 0.01% |
+5,382,762
| New | +$109M |
|
781
LKQ Corp
LKQ
$6.45B
| $94.2M | 0.01% |
+3,119,932
| New | +$94.1M |
|
782
Darling Ingredients
DAR
$10.1B
| $94.2M | 0.01% |
+2,616,968
| New | +$88.6M |
|
783
J.M. Smucker
SJM
$14.1B
| $93M | 0.01% |
+950,416
| New | +$98.2M |
|
784
Cullen/Frost Bankers
CFR
$10.1B
| $92.9M | 0.01% |
+733,668
| New | +$92M |
|
785
Roku
ROKU
$23.5B
| $92.8M | 0.01% |
+855,449
| New | +$86.8M |
|
786
Universal Display
OLED
$3.83B
| $92.8M | 0.01% |
+794,277
| New | +$103M |
|
787
Full Truck Alliance
YMM
$9.1B
| $92.5M | 0.01% |
+8,622,839
| New | +$103M |
|
788
Qorvo
QRVO
$8.32B
| $92.4M | 0.01% |
+1,093,721
| New | +$96.5M |
|
789
National Fuel Gas
NFG
$7.88B
| $92.4M | 0.01% |
+1,154,321
| New | +$95.1M |
|
790
Knight Transportation
KNX
$11B
| $92.1M | 0.01% |
+1,761,097
| New | +$82.5M |
|
791
Ryanair
RYAAY
$29.2B
| $92M | 0.01% |
+1,274,000
| New | +$82.8M |
|
792
BCE
BCE
$21.8B
| $91.8M | 0.01% |
+3,848,869
| New | +$89.6M |
|
793
Scholar Rock
SRRK
$7.01B
| $91.6M | 0.01% |
+2,079,515
| New | +$78M |
|
794
MarketAxess Holdings
MKTX
$5.73B
| $91.3M | 0.01% |
+503,855
| New | +$86M |
|
795
AptarGroup
ATR
$8.46B
| $91.1M | 0.01% |
+746,940
| New | +$92.3M |
|
796
Churchill Downs
CHDN
$6.3B
| $90.5M | 0.01% |
+795,647
| New | +$82.5M |
|
797
Axsome Therapeutics
AXSM
$10.5B
| $90.5M | 0.01% |
+495,456
| New | +$69.2M |
|
798
Liberty Media Series A
FWONA
$23.5B
| $90.4M | 0.01% |
+1,011,778
| New | +$90.8M |
|
799
MakeMyTrip
MMYT
$5.56B
| $90.3M | 0.01% |
+1,099,415
| New | +$90.2M |
|
800
Eagle Materials
EXP
$6.07B
| $90.1M | 0.01% |
+436,166
| New | +$96.3M |
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.