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 |
Walt Disney
DIS
|
+$382M |
| 2 |
Alibaba
BABA
|
+$346M |
| 3 |
Meta Platforms (Facebook)
META
|
+$240M |
| 4 |
Citigroup
C
|
+$223M |
| 5 |
Procter & Gamble
PG
|
+$194M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$631M |
| 2 |
Linde
LIN
|
+$310M |
| 3 |
Alcoa
AA
|
+$208M |
| 4 |
Blackrock
BLK
|
+$158M |
| 5 |
Oracle
ORCL
|
+$157M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.87% |
| 2 | Financials | 16.34% |
| 3 | Healthcare | 13.72% |
| 4 | Consumer Discretionary | 11.63% |
| 5 | Communication Services | 9.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
926
Brunswick
BC
$5.13B
| $44.8M | 0.01% |
891,069
| – | – |
|
|
ETRN
927
DELISTED
Equitrans Midstream Corporation Common Stock
ETRN
| $44.8M | 0.01% |
2,058,270
| – | – |
|
928
Cushman & Wakefield Ltd
CWK
$3.14B
| $44.8M | 0.01% |
2,517,745
+468,096
| +23% | +$8.07M |
|
929
ICL Group
ICL
$6.53B
| $44.7M | 0.01% |
8,597,033
-68,817
| -0.8% | -$382K |
|
930
Sunstone Hotel Investors
SHO
$2.19B
| $44.7M | 0.01% |
3,104,519
+547,269
| +21% | +$7.87M |
|
|
LHCG
931
DELISTED
LHC Group LLC
LHCG
| $44.7M | 0.01% |
403,197
-145,753
| -27% | -$15.6M |
|
932
Thor Industries
THO
$3.9B
| $44.5M | 0.01% |
713,660
+144,359
| +25% | +$9.14M |
|
933
Selective Insurance
SIGI
$5.65B
| $44.5M | 0.01% |
702,701
+16,409
| +2% | +$1.03M |
|
934
NorthWestern Energy
NWE
$4.23B
| $44.5M | 0.01% |
631,482
| – | – |
|
|
DNKN
935
DELISTED
Dunkin' Brands Group, Inc.
DNKN
| $44.4M | 0.01% |
591,822
| – | – |
|
936
Armstrong World Industries
AWI
$7.38B
| $44.2M | 0.01% |
556,875
-73,463
| -12% | -$5.12M |
|
|
PACW
937
DELISTED
PacWest Bancorp
PACW
| $44.2M | 0.01% |
1,174,460
+4,686
| +0.4% | +$182K |
|
938
WIX.com
WIX
$2.3B
| $44.1M | 0.01% |
365,048
| – | – |
|
939
Lumentum
LITE
$55.5B
| $44.1M | 0.01% |
780,075
-45,197
| -5% | -$2.17M |
|
940
Keurig Dr Pepper
KDP
$42.3B
| $44.1M | 0.01% |
1,575,233
+146,776
| +10% | +$3.96M |
|
|
TWO
941
Two Harbors Investment
TWO
$1.27B
| $44M | 0.01% |
813,639
+90,000
| +12% | +$5.04M |
|
|
ARGO
942
DELISTED
Argo Group International Holdings, Ltd.
ARGO
| $44M | 0.01% |
622,528
-121,608
| -16% | -$8.27M |
|
|
CHK
943
DELISTED
Chesapeake Energy Corporation
CHK
| $43.9M | 0.01% |
70,834
+18,862
| +36% | +$10.6M |
|
944
Alkermes
ALKS
$8.22B
| $43.9M | 0.01% |
1,203,401
+131,087
| +12% | +$4.33M |
|
945
Nu Skin
NUS
$252M
| $43.8M | 0.01% |
915,310
| – | – |
|
|
USG
946
DELISTED
Usg
USG
| $43.7M | 0.01% |
1,009,748
-65,311
| -6% | -$2.82M |
|
947
Steven Madden
SHOO
$3.37B
| $43.7M | 0.01% |
1,291,089
-89,095
| -6% | -$2.91M |
|
948
Sabra Healthcare REIT
SBRA
$5.34B
| $43.7M | 0.01% |
2,242,937
+60,679
| +3% | +$1.15M |
|
949
Polaris
PII
$3.82B
| $43.7M | 0.01% |
517,224
-12,692
| -2% | -$1.08M |
|
950
Ryman Hospitality Properties
RHP
$8.43B
| $43.6M | 0.01% |
530,507
+17,823
| +3% | +$1.42M |
|
Similar funds
Norges Bank's Q1 2019 Portfolio in Review
As of Q1 2019, Norges Bank held 2,169 positions worth $310B, up 15% from $269B the previous quarter. Its ten largest holdings account for 17% of the portfolio.
Trading was light in Q1 2019: portfolio turnover was 4.1%. Norges Bank opened 45 new positions and exited 43, leaving the 2,169-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 18% of assets, up from 17% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2019 buy was Fox Class B: 4,938,483 shares worth $177M.
- Norges Bank added most to Walt Disney in Q1 2019, an estimated $382M increase.
- Norges Bank's biggest Q1 2019 reduction was Linde, cutting an estimated $310M.
- Norges Bank fully exited Twenty-First Century Fox, Inc. Class B in Q1 2019, selling an estimated $631M.
- Norges Bank's ten largest holdings make up 17% of its $310B portfolio in Q1 2019.
- Norges Bank opened 45 new positions and closed 43 in Q1 2019.
- Norges Bank's portfolio value rose 15% quarter-over-quarter to $310B.
Based on Norges Bank's 13F filing for Q1 2019, filed 9 May 2019.