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
|
+$764M |
| 2 |
UBS Group
UBS
|
+$753M |
| 3 |
Apple
AAPL
|
+$665M |
| 4 |
JPMorgan Chase
JPM
|
+$621M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$498M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$811M |
| 2 |
Oracle
ORCL
|
+$505M |
| 3 |
T-Mobile US
TMUS
|
+$390M |
| 4 |
Deutsche Bank
DB
|
+$275M |
| 5 |
GE Aerospace
GE
|
+$240M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.11% |
| 2 | Financials | 13.76% |
| 3 | Healthcare | 13.71% |
| 4 | Consumer Discretionary | 10.81% |
| 5 | Communication Services | 7.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
901
TPG
TPG
$7.78B
| $43.4M | 0.01% |
1,480,257
-531,682
| -26% | -$16.7M |
|
902
RenaissanceRe
RNR
$13.4B
| $43.4M | 0.01% |
216,570
-3,443
| -2% | -$693K |
|
903
Vertiv
VRT
$106B
| $43.3M | 0.01% |
3,028,761
+87,821
| +3% | +$1.29M |
|
904
Arcosa
ACA
$7.12B
| $43.3M | 0.01% |
686,505
+258,687
| +60% | +$15.2M |
|
905
Essent Group
ESNT
$6.04B
| $43.1M | 0.01% |
1,077,095
+29,562
| +3% | +$1.22M |
|
906
Pan American Silver
PAAS
$20.2B
| $43M | 0.01% |
2,362,649
+159,911
| +7% | +$2.75M |
|
907
Western Alliance Bancorporation
WAL
$8.87B
| $42.9M | 0.01% |
1,208,112
+50,620
| +4% | +$3.1M |
|
908
Organon & Co
OGN
$3.56B
| $42.8M | 0.01% |
1,821,802
+362,753
| +25% | +$9.74M |
|
909
Vontier
VNT
$4.97B
| $42.8M | 0.01% |
1,567,081
-190,799
| -11% | -$4.61M |
|
910
Alkermes
ALKS
$8.11B
| $42.6M | 0.01% |
1,511,084
-186,490
| -11% | -$5.08M |
|
911
Popular Inc
BPOP
$11.2B
| $42.6M | 0.01% |
741,680
| – | – |
|
912
Evercore
EVR
$11.9B
| $42.6M | 0.01% |
368,965
+14,090
| +4% | +$1.75M |
|
913
First Financial Bankshares
FFIN
$4.97B
| $42.4M | 0.01% |
1,329,590
+60,149
| +5% | +$2.09M |
|
914
10x Genomics
TXG
$5.79B
| $42.2M | 0.01% |
756,640
-138,407
| -15% | -$6.46M |
|
915
Advanced Drainage Systems
WMS
$11.4B
| $42.2M | 0.01% |
501,101
+3,673
| +0.7% | +$323K |
|
916
Medpace
MEDP
$16.3B
| $42.2M | 0.01% |
224,333
+17,293
| +8% | +$3.58M |
|
917
Mohawk Industries
MHK
$8.97B
| $42.1M | 0.01% |
420,143
-63,594
| -13% | -$6.93M |
|
|
WBA
918
DELISTED
Walgreens Boots Alliance
WBA
| $42M | 0.01% |
1,214,117
+175,530
| +17% | +$6.23M |
|
919
ManpowerGroup
MAN
$2.57B
| $42M | 0.01% |
508,348
+11,711
| +2% | +$998K |
|
920
APi Group
APG
$17.8B
| $41.8M | 0.01% |
2,791,119
+55,903
| +2% | +$803K |
|
921
Newell Brands
NWL
$2.56B
| $41.7M | 0.01% |
3,349,400
+90,283
| +3% | +$1.27M |
|
922
Zions Bancorporation
ZION
$10.3B
| $41.6M | 0.01% |
1,391,299
-475,249
| -25% | -$21.7M |
|
923
Halozyme
HALO
$10.2B
| $41.6M | 0.01% |
1,089,600
+141,329
| +15% | +$6.63M |
|
924
RH
RH
$3.56B
| $41.6M | 0.01% |
170,672
-2,077
| -1% | -$603K |
|
|
TMHC
925
DELISTED
Taylor Morrison
TMHC
| $41.5M | 0.01% |
1,083,546
-2,894
| -0.3% | -$102K |
|
Similar funds
Norges Bank's Q1 2023 Portfolio in Review
As of Q1 2023, Norges Bank held 2,211 positions worth $457B, up 10% from $415B the previous quarter. Its ten largest holdings account for 24% of the portfolio.
Norges Bank's Q1 2023 filing shows 81 new, 1,022 increased, 782 reduced and 124 closed positions. Its largest new stake was GE HealthCare: 2,602,917 shares worth $214M. The largest sale was Bank of America, an estimated $811M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 23% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2023 buy was GE HealthCare: 2,602,917 shares worth $214M.
- Norges Bank added most to Microsoft in Q1 2023, an estimated $764M increase.
- Norges Bank's biggest Q1 2023 reduction was Bank of America, cutting an estimated $811M.
- Norges Bank fully exited SVB Financial Group in Q1 2023, selling an estimated $141M.
- Norges Bank's ten largest holdings make up 24% of its $457B portfolio in Q1 2023.
- Norges Bank opened 81 new positions and closed 124 in Q1 2023.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $457B.
Based on Norges Bank's 13F filing for Q1 2023, filed 15 May 2023.