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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

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.

This Fund
S&P 500
This Quarter Est. Return
+10.92%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$457B
AUM Growth
+$42.1B
Cap. Flow
+$9.97B
Cap. Flow %
2.18%
Top 10 Hldgs %
24.1%
Holding
2,211
New
81
Increased
1,022
Reduced
782
Closed
124

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$764M
2
UBS icon
UBS Group
UBS
+$753M
3
AAPL icon
Apple
AAPL
+$665M
4
JPM icon
JPMorgan Chase
JPM
+$621M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$498M

Top Sells

Rank Stock Value
1
BAC icon
Bank of America
BAC
+$811M
2
ORCL icon
Oracle
ORCL
+$505M
3
TMUS icon
T-Mobile US
TMUS
+$390M
4
DB icon
Deutsche Bank
DB
+$275M
5
GE icon
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
IPGP icon
951
IPG Photonics
IPGP
$3.69B
$39M 0.01%
316,282
-62,940
-17% -$7.29M
LNC icon
952
Lincoln National
LNC
$8.93B
$39M 0.01%
1,734,628
-306,087
-15% -$9.1M
DV icon
953
DoubleVerify
DV
$1.8B
$39M 0.01%
1,292,653
+664,514
+106% +$17.4M
EPRT icon
954
Essential Properties Realty Trust
EPRT
$6.62B
$38.9M 0.01%
1,563,462
-53,747
-3% -$1.32M
EFOR
955
Everforth Inc
EFOR
$1.29B
$38.8M 0.01%
469,940
+17,571
+4% +$1.52M
NEWR
956
DELISTED
New Relic, Inc.
NEWR
$38.8M 0.01%
514,950
+9,155
+2% +$618K
AAON icon
957
Aaon
AAON
$7.39B
$38.6M 0.01%
599,312
+316,205
+112% +$17.4M
HRI icon
958
Herc Holdings
HRI
$5.62B
$38.6M 0.01%
339,001
+100,968
+42% +$13.9M
DIOD icon
959
Diodes
DIOD
$4.55B
$38.6M 0.01%
415,656
+11,715
+3% +$1.05M
WLK icon
960
Westlake Corp
WLK
$9.9B
$38.5M 0.01%
332,282
+22,948
+7% +$2.65M
AN icon
961
AutoNation
AN
$6.99B
$38.5M 0.01%
286,457
+34,920
+14% +$4.48M
BILL icon
962
BILL Holdings
BILL
$4.68B
$38.4M 0.01%
473,444
+47,225
+11% +$4.38M
CHPT icon
963
ChargePoint
CHPT
$152M
$38.2M 0.01%
182,413
+52,775
+41% +$11.5M
JBTM
964
JBT Marel
JBTM
$6.33B
$38.1M 0.01%
348,620
-60,438
-15% -$6.39M
ACAD icon
965
Acadia Pharmaceuticals
ACAD
$4.9B
$38.1M 0.01%
2,021,913
+67,757
+3% +$1.29M
DUOL icon
966
Duolingo
DUOL
$5.74B
$38M 0.01%
266,603
-188,947
-41% -$19.4M
PAYX icon
967
Paychex
PAYX
$42.7B
$37.9M 0.01%
331,008
+53,975
+19% +$6.14M
BEN icon
968
Franklin Resources
BEN
$17.3B
$37.8M 0.01%
1,402,778
+59,979
+4% +$1.75M
CABO icon
969
Cable One
CABO
$252M
$37.8M 0.01%
53,804
+6,521
+14% +$4.75M
PTON icon
970
Peloton Interactive
PTON
$2.38B
$37.7M 0.01%
3,327,316
+741,003
+29% +$8.91M
GRP.U
971
DELISTED
Granite Real Estate Investment Trust
GRP.U
$37.7M 0.01%
608,826
– –
LYFT icon
972
Lyft
LYFT
$6.19B
$37.6M 0.01%
4,053,621
-2,630,552
-39% -$31.8M
MMSI icon
973
Merit Medical Systems
MMSI
$5.24B
$37.5M 0.01%
506,425
-27,452
-5% -$1.93M
LITE icon
974
Lumentum
LITE
$65.2B
$37.4M 0.01%
692,502
+40,014
+6% +$2.23M
MPT
975
Medical Properties Trust
MPT
$2.75B
$37.4M 0.01%
4,546,361
+1,439,324
+46% +$15.9M
37 38
39
40 41

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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.