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 | |
|---|---|---|---|---|---|---|
|
PFPT
901
DELISTED
Proofpoint, Inc.
PFPT
| $39.8M | 0.01% |
475,360
+54,958
| +13% | +$5.09M |
|
902
Ingevity
NGVT
$2.54B
| $39.7M | 0.01% |
474,366
| – | – |
|
|
CZZ
903
DELISTED
Cosan Limited
CZZ
| $39.6M | 0.01% |
4,504,897
+2,000,000
| +80% | +$16.1M |
|
|
MZTI
904
The Marzetti Company
MZTI
$2.93B
| $39.6M | 0.01% |
224,104
| – | – |
|
905
Designer Brands
DBI
$307M
| $39.6M | 0.01% |
1,604,164
| – | – |
|
|
HBI
906
DELISTED
Hanesbrands
HBI
| $39.4M | 0.01% |
3,143,626
| – | – |
|
907
Xerox
XRX
$386M
| $39.4M | 0.01% |
1,991,658
| – | – |
|
908
Olin
OLN
$2.11B
| $39.3M | 0.01% |
1,955,288
| – | – |
|
|
HR
909
DELISTED
Healthcare Realty Trust Incorporated
HR
| $39.2M | 0.01% |
1,378,277
+104,465
| +8% | +$3.03M |
|
910
CNO Financial Group
CNO
$5.14B
| $39.1M | 0.01% |
2,624,542
-48,805
| -2% | -$890K |
|
911
Pool Corp
POOL
$6.75B
| $39M | 0.01% |
262,694
| – | – |
|
|
PACW
912
DELISTED
PacWest Bancorp
PACW
| $38.9M | 0.01% |
1,169,774
+49,862
| +4% | +$1.99M |
|
913
Zillow
Z
$7.79B
| $38.9M | 0.01% |
1,230,822
+262,058
| +27% | +$9.31M |
|
914
Ziff Davis
ZD
$1.96B
| $38.9M | 0.01% |
643,948
+15,673
| +2% | +$989K |
|
|
AAN.A
915
DELISTED
The Aaron's Company Inc Class A
AAN.A
| $38.6M | 0.01% |
918,744
| – | – |
|
|
CVA
916
DELISTED
Covanta Holding Corporation
CVA
| $38.6M | 0.01% |
2,878,250
| – | – |
|
917
Progress Software
PRGS
$1.66B
| $38.5M | 0.01% |
1,083,621
-50,062
| -4% | -$1.67M |
|
|
SIX
918
DELISTED
Six Flags Entertainment Corp.
SIX
| $38.5M | 0.01% |
691,318
+16,995
| +3% | +$1.02M |
|
919
Mine Safety
MSA
$7.35B
| $38.4M | 0.01% |
407,791
| – | – |
|
920
Flex
FLEX
$41.7B
| $38.4M | 0.01% |
6,696,751
| – | – |
|
921
Guidewire Software
GWRE
$12.6B
| $38.3M | 0.01% |
477,120
| – | – |
|
922
Unifirst Corp
UNF
$5.3B
| $38.2M | 0.01% |
267,258
| – | – |
|
923
Hyatt Hotels
H
$16.4B
| $38.2M | 0.01% |
564,891
| – | – |
|
|
AEL
924
DELISTED
American Equity Investment Life Holding Company
AEL
| $38.2M | 0.01% |
1,366,387
+30,413
| +2% | +$977K |
|
|
NFX
925
DELISTED
Newfield Exploration
NFX
| $38.2M | 0.01% |
2,604,137
+246,051
| +10% | +$4.95M |
|
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.