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 | |
|---|---|---|---|---|---|---|
801
Globus Medical
GMED
$11.1B
| $89.9M | 0.01% |
+1,029,913
| New | +$78.2M |
|
802
Logitech
LOGI
$14B
| $89.2M | 0.01% |
+868,596
| New | +$97.6M |
|
803
TransUnion
TRU
$16.4B
| $89.1M | 0.01% |
+1,038,710
| New | +$85.4M |
|
804
Moog Inc Class A
MOG.A
$11.9B
| $88.7M | 0.01% |
+364,209
| New | +$80M |
|
805
OR Royalties Inc
OR
$7.01B
| $88.6M | 0.01% |
+2,501,068
| New | +$87.6M |
|
806
Paylocity
PCTY
$8.38B
| $88.4M | 0.01% |
+579,853
| New | +$86.3M |
|
807
Henry Schein
HSIC
$9.98B
| $88.1M | 0.01% |
+1,165,867
| New | +$82M |
|
808
Carlisle Companies
CSL
$14.2B
| $87.5M | 0.01% |
+273,693
| New | +$88.7M |
|
809
Delta Air Lines
DAL
$52.7B
| $86.9M | 0.01% |
+1,252,605
| New | +$78.3M |
|
810
Ormat Technologies
ORA
$6.34B
| $86.5M | 0.01% |
+783,447
| New | +$85.7M |
|
|
CSW
811
CSW Industrials
CSW
$5.19B
| $86.4M | 0.01% |
+294,434
| New | +$78.5M |
|
812
GATX Corp
GATX
$6.27B
| $86.2M | 0.01% |
+508,497
| New | +$83.8M |
|
813
Duolingo
DUOL
$6.88B
| $86.2M | 0.01% |
+490,935
| New | +$116M |
|
814
UMB Financial
UMBF
$11B
| $85.9M | 0.01% |
+746,569
| New | +$84.6M |
|
815
Ollie's Bargain Outlet
OLLI
$4.38B
| $85.8M | 0.01% |
+783,190
| New | +$94.4M |
|
816
Hormel Foods
HRL
$11.9B
| $85.8M | 0.01% |
+3,621,949
| New | +$84.5M |
|
817
ESAB
ESAB
$4.75B
| $85.7M | 0.01% |
+767,028
| New | +$87.8M |
|
|
AL
818
DELISTED
Air Lease Corp
AL
| $85.6M | 0.01% |
+1,333,070
| New | +$85.1M |
|
819
FirstService
FSV
$6.18B
| $85.6M | 0.01% |
+550,405
| New | +$89.6M |
|
820
Ingredion
INGR
$6.6B
| $85.3M | 0.01% |
+773,713
| New | +$87.3M |
|
821
Commerce Bancshares
CBSH
$8.32B
| $85.3M | 0.01% |
+1,629,393
| New | +$85.2M |
|
822
Simpson Manufacturing
SSD
$7.46B
| $85.1M | 0.01% |
+527,280
| New | +$89.1M |
|
823
Macy's
M
$5.79B
| $85M | 0.01% |
+3,855,764
| New | +$78.9M |
|
|
TMHC
824
DELISTED
Taylor Morrison
TMHC
| $85M | 0.01% |
+1,443,755
| New | +$88.3M |
|
825
Colliers International
CIGI
$5.26B
| $84.9M | 0.01% |
+577,640
| New | +$86.8M |
|
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.