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
|
+$1.37B |
| 2 |
Broadcom
AVGO
|
+$1.13B |
| 3 |
Bank of America
BAC
|
+$880M |
| 4 |
Amazon
AMZN
|
+$755M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$744M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$1.2B |
| 2 |
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
|
+$822M |
| 3 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$542M |
| 4 |
Kenvue
KVUE
|
+$514M |
| 5 |
RTX Corp
RTX
|
+$501M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.35% |
| 2 | Financials | 13.96% |
| 3 | Healthcare | 11.94% |
| 4 | Consumer Discretionary | 11.37% |
| 5 | Communication Services | 8.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
951
Patterson-UTI
PTEN
$3.72B
| $44.9M | 0.01% |
4,158,393
+1,078,428
| +35% | +$13.1M |
|
952
Boyd Gaming
BYD
$6.2B
| $44.8M | 0.01% |
715,110
+86,307
| +14% | +$5.11M |
|
953
Pool Corp
POOL
$7.45B
| $44.7M | 0.01% |
112,104
+72,192
| +181% | +$25.3M |
|
954
Celanese
CE
$4.66B
| $44.6M | 0.01% |
286,800
+61,989
| +28% | +$8.09M |
|
955
Grand Canyon Education
LOPE
$3.9B
| $44.5M | 0.01% |
337,236
+142,797
| +73% | +$18.6M |
|
|
AZEK
956
DELISTED
The AZEK Co
AZEK
| $44.4M | 0.01% |
1,161,264
+268,875
| +30% | +$8.38M |
|
957
MACOM Technology Solutions
MTSI
$20.3B
| $44.3M | 0.01% |
476,067
+79,997
| +20% | +$6.58M |
|
|
MRTX
958
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
| $44.2M | 0.01% |
751,604
+319,661
| +74% | +$18M |
|
959
ManpowerGroup
MAN
$2.54B
| $44.1M | 0.01% |
554,391
+22,376
| +4% | +$1.66M |
|
960
Applovin
APP
$141B
| $44M | 0.01% |
1,103,473
-978,142
| -47% | -$38.3M |
|
961
Aaon
AAON
$7.84B
| $43.8M | 0.01% |
593,367
+332,784
| +128% | +$20.5M |
|
962
Huntsman Corp
HUN
$1.79B
| $43.8M | 0.01% |
1,741,385
-103,286
| -6% | -$2.51M |
|
963
Evolent Health
EVH
$345M
| $43.8M | 0.01% |
1,324,821
+447,723
| +51% | +$12.7M |
|
964
Warner Music
WMG
$13.3B
| $43.6M | 0.01% |
+1,219,011
| New | +$40.2M |
|
965
Blackbaud
BLKB
$2.06B
| $43.6M | 0.01% |
502,752
+2,620
| +0.5% | +$198K |
|
966
Advanced Energy
AEIS
$13.4B
| $43.5M | 0.01% |
399,520
+11,752
| +3% | +$1.14M |
|
967
Herc Holdings
HRI
$5.67B
| $43.5M | 0.01% |
292,194
+11,330
| +4% | +$1.39M |
|
968
KE Holdings
BEKE
$18.6B
| $43.5M | 0.01% |
2,683,062
-8,255,182
| -75% | -$128M |
|
969
HealthEquity
HQY
$8.66B
| $43.5M | 0.01% |
655,835
+213,948
| +48% | +$14.8M |
|
970
Valaris
VAL
$5.36B
| $43.3M | 0.01% |
631,205
-6,155
| -1% | -$422K |
|
971
Forward Air
FWRD
$482M
| $43.3M | 0.01% |
688,425
+616,824
| +861% | +$41.5M |
|
972
Hamilton Lane
HLNE
$5.62B
| $43.2M | 0.01% |
380,777
-5,180
| -1% | -$490K |
|
973
TKO Group
TKO
$13.7B
| $43M | 0.01% |
527,069
+190,251
| +56% | +$15.1M |
|
974
Alight
ALIT
$381M
| $42.9M | 0.01% |
251,739
-88,460
| -26% | -$13.1M |
|
975
Envista
NVST
$4.55B
| $42.9M | 0.01% |
1,781,959
+204,799
| +13% | +$4.89M |
|
Similar funds
Norges Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Norges Bank held 2,039 positions worth $572B, up 16% from $493B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank deployed $18.4B of net new capital in Q4 2023, opening 73 new positions and adding to 987 existing holdings. Its largest new stake was Veralto: 3,235,391 shares worth $266M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Kenvue, an estimated $514M trimmed.
- Norges Bank's largest Q4 2023 buy was Veralto: 3,235,391 shares worth $266M.
- Norges Bank added most to Microsoft in Q4 2023, an estimated $1.37B increase.
- Norges Bank's biggest Q4 2023 reduction was Kenvue, cutting an estimated $514M.
- Norges Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $1.2B.
- Norges Bank's ten largest holdings make up 27% of its $572B portfolio in Q4 2023.
- Norges Bank opened 73 new positions and closed 97 in Q4 2023.
- Norges Bank's portfolio value rose 16% quarter-over-quarter to $572B.
Based on Norges Bank's 13F filing for Q4 2023, filed 9 Feb 2024.