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 |
Linde
LIN
|
+$2.66B |
| 2 |
Cigna
CI
|
+$285M |
| 3 |
Boston Properties
BXP
|
+$242M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$242M |
| 5 |
Aptiv
APTV
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$646M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$543M |
| 3 |
PX
Praxair Inc
PX
|
+$305M |
| 4 |
COL
Rockwell Collins
COL
|
+$240M |
| 5 |
ANDV
Andeavor
ANDV
|
+$222M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 16.89% |
| 3 | Healthcare | 14.43% |
| 4 | Consumer Discretionary | 11.2% |
| 5 | Communication Services | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
851
Urban Outfitters
URBN
$6.35B
| $42.7M | 0.02% |
1,286,520
| – | – |
|
|
BPMC
852
DELISTED
Blueprint Medicines
BPMC
| $42.7M | 0.02% |
792,151
| – | – |
|
|
TRCO
853
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $42.7M | 0.02% |
940,821
-415,965
| -31% | -$16.8M |
|
854
Helen of Troy
HELE
$644M
| $42.6M | 0.02% |
324,556
| – | – |
|
855
Pebblebrook Hotel Trust
PEB
$2.15B
| $42.4M | 0.02% |
1,499,156
+789,561
| +111% | +$26.2M |
|
856
InterDigital
IDCC
$7.88B
| $42.4M | 0.02% |
638,577
| – | – |
|
857
Strategic Education
STRA
$1.85B
| $42.3M | 0.02% |
372,703
| – | – |
|
858
National Fuel Gas
NFG
$7.82B
| $42.2M | 0.02% |
824,877
| – | – |
|
859
MGIC Investment
MTG
$6.16B
| $42.2M | 0.02% |
4,034,083
| – | – |
|
860
Credit Acceptance
CACC
$5.95B
| $42.1M | 0.02% |
110,267
+14,625
| +15% | +$5.89M |
|
861
Landstar System
LSTR
$5.93B
| $41.9M | 0.02% |
437,567
+38,611
| +10% | +$3.99M |
|
862
Selective Insurance
SIGI
$5.65B
| $41.8M | 0.02% |
686,292
| – | – |
|
863
Steven Madden
SHOO
$3.37B
| $41.8M | 0.02% |
1,380,184
+49,114
| +4% | +$1.51M |
|
864
Blackstone Mortgage Trust
BXMT
$2.45B
| $41.7M | 0.02% |
1,309,779
+154,052
| +13% | +$5.22M |
|
|
SRCL
865
DELISTED
Stericycle Inc
SRCL
| $41.7M | 0.02% |
1,136,648
-73,362
| -6% | -$3.44M |
|
866
Silicon Laboratories
SLAB
$7.17B
| $41.7M | 0.02% |
528,858
+25,819
| +5% | +$2.15M |
|
|
JHG
867
DELISTED
Janus Henderson
JHG
| $41.7M | 0.02% |
2,011,472
-13,224
| -0.7% | -$304K |
|
868
ICU Medical
ICUI
$4.21B
| $41.6M | 0.02% |
181,052
| – | – |
|
869
Sprouts Farmers Market
SFM
$8.13B
| $41.6M | 0.02% |
1,767,946
| – | – |
|
870
CNX Resources
CNX
$5.06B
| $41.5M | 0.02% |
3,633,820
+321,130
| +10% | +$4.43M |
|
|
ZNGA
871
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
| $41.4M | 0.02% |
10,533,768
| – | – |
|
872
Brunswick
BC
$5.13B
| $41.4M | 0.02% |
891,069
+244,776
| +38% | +$13.1M |
|
|
ETRN
873
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
| $41.2M | 0.02% |
+2,058,270
| New | +$43.4M |
|
874
First Industrial Realty Trust
FR
$8.73B
| $41.2M | 0.02% |
1,427,486
+128,989
| +10% | +$3.99M |
|
|
FLG
875
Flagstar Bank National Association
FLG
$5.93B
| $41M | 0.02% |
1,452,868
| – | – |
|
Similar funds
Norges Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
- Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
- Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
- Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
- Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
- Norges Bank opened 36 new positions and closed 54 in Q4 2018.
- Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.
Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.