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 |
NVIDIA
NVDA
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.8% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
951
Glaukos
GKOS
$10.6B
| $60.5M | 0.01% |
+536,143
| New | +$51.2M |
|
952
Maximus
MMS
$3.14B
| $60.4M | 0.01% |
+699,641
| New | +$59.8M |
|
953
Louisiana-Pacific
LPX
$4.99B
| $60.2M | 0.01% |
+745,218
| New | +$63M |
|
954
New Jersey Resources
NJR
$5.42B
| $60.1M | 0.01% |
+1,302,576
| New | +$60.2M |
|
955
LXP Industrial Trust
LXP
$3.59B
| $60M | 0.01% |
+1,209,227
| New | +$58M |
|
956
Bank OZK
OZK
$5.4B
| $59.8M | 0.01% |
+1,299,638
| New | +$60.8M |
|
957
MDU Resources
MDU
$4.15B
| $59.6M | 0.01% |
+3,054,154
| New | +$60.1M |
|
958
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$5.18B
| $59.6M | 0.01% |
+1,895,047
| New | +$59.7M |
|
959
MSC Industrial Direct
MSM
$6.67B
| $59.4M | 0.01% |
+706,066
| New | +$61.2M |
|
960
SSR Mining
SSRM
$7.62B
| $59.4M | 0.01% |
+2,708,336
| New | +$60.3M |
|
961
Box
BOX
$4.85B
| $58.8M | 0.01% |
+1,966,352
| New | +$61.7M |
|
962
Boyd Gaming
BYD
$5.81B
| $58.8M | 0.01% |
+689,379
| New | +$56.8M |
|
963
Archer Aviation
ACHR
$4.42B
| $58.5M | 0.01% |
+7,778,447
| New | +$73.2M |
|
964
Modine Manufacturing
MOD
$9.34B
| $58.3M | 0.01% |
+436,739
| New | +$65.1M |
|
965
ReNew
RNW
$2.49B
| $58.2M | 0.01% |
+10,307,658
| New | +$74.5M |
|
966
Astera Labs
ALAB
$50.6B
| $58.2M | 0.01% |
+349,692
| New | +$58.5M |
|
967
ICU Medical
ICUI
$4.39B
| $58.1M | 0.01% |
+407,115
| New | +$54.5M |
|
968
Sabra Healthcare REIT
SBRA
$5.27B
| $57.9M | 0.01% |
+3,059,387
| New | +$56.7M |
|
|
NUVL
969
DELISTED
Nuvalent
NUVL
| $57.8M | 0.01% |
+574,242
| New | +$56.6M |
|
970
GXO Logistics
GXO
$5.45B
| $57.6M | 0.01% |
+1,094,178
| New | +$57.5M |
|
971
Hancock Whitney
HWC
$6.05B
| $57.5M | 0.01% |
+902,367
| New | +$54.8M |
|
972
Belden
BDC
$4.49B
| $57.3M | 0.01% |
+491,600
| New | +$57.4M |
|
973
SiriusXM
SIRI
$9.6B
| $57.1M | 0.01% |
+2,856,916
| New | +$61.4M |
|
974
Vaxcyte
PCVX
$8.92B
| $56.7M | 0.01% |
+1,228,939
| New | +$55M |
|
|
BGSI
975
Boyd Group Services
BGSI
$2.39B
| $56.5M | 0.01% |
+354,710
| New | +$56.8M |
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.