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 |
Alphabet (Google) Class C
GOOG
|
+$1.19B |
| 2 |
Flutter Entertainment
FLUT
|
+$879M |
| 3 |
UnitedHealth
UNH
|
+$494M |
| 4 |
Micron Technology
MU
|
+$474M |
| 5 |
Berkshire Hathaway Class A
BRK.A
|
+$426M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$2.41B |
| 2 |
Apple
AAPL
|
+$1.93B |
| 3 |
T-Mobile US
TMUS
|
+$825M |
| 4 |
Amazon
AMZN
|
+$690M |
| 5 |
Microsoft
MSFT
|
+$583M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.02% |
| 2 | Financials | 14.31% |
| 3 | Healthcare | 12.25% |
| 4 | Consumer Discretionary | 10.83% |
| 5 | Communication Services | 8.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Progressive
PGR
$123B
| $1.53B | 0.24% |
7,375,459
+602,283
| +9% | +$112M |
|
77
Invitation Homes
INVH
$17.7B
| $1.46B | 0.23% |
40,999,828
+1,513,380
| +4% | +$51.2M |
|
78
Vertex Pharmaceuticals
VRTX
$121B
| $1.45B | 0.23% |
3,457,950
+415,662
| +14% | +$176M |
|
79
Arthur J. Gallagher & Co
AJG
$64.1B
| $1.42B | 0.22% |
5,681,741
-136,100
| -2% | -$32.7M |
|
80
Centene
CNC
$30.7B
| $1.41B | 0.22% |
17,994,729
+134,056
| +0.8% | +$10.4M |
|
81
Elevance Health
ELV
$81.5B
| $1.41B | 0.22% |
2,719,804
-137,592
| -5% | -$68.4M |
|
82
Toronto Dominion Bank
TD
$198B
| $1.39B | 0.22% |
23,037,406
+151,103
| +0.7% | +$9.13M |
|
83
American Express
AXP
$227B
| $1.36B | 0.21% |
5,959,833
+20,115
| +0.3% | +$4.17M |
|
84
Medtronic
MDT
$109B
| $1.35B | 0.21% |
15,508,545
+581,068
| +4% | +$49.6M |
|
85
Oracle
ORCL
$374B
| $1.35B | 0.21% |
10,730,710
-747,817
| -7% | -$85.6M |
|
86
Palo Alto Networks
PANW
$270B
| $1.35B | 0.21% |
9,472,240
-1,128,820
| -11% | -$178M |
|
87
Sherwin-Williams
SHW
$82.7B
| $1.34B | 0.21% |
3,870,957
+99,376
| +3% | +$31.7M |
|
88
Eaton
ETN
$161B
| $1.34B | 0.21% |
4,292,113
-225,714
| -5% | -$61.7M |
|
89
Deere & Co
DE
$160B
| $1.32B | 0.21% |
3,202,386
+81,282
| +3% | +$31.2M |
|
90
CRH
CRH
$63.2B
| $1.31B | 0.21% |
15,208,928
+538,525
| +4% | +$41.2M |
|
91
Citigroup
C
$222B
| $1.29B | 0.2% |
20,356,891
+3,490,658
| +21% | +$194M |
|
92
Amphenol
APH
$198B
| $1.27B | 0.2% |
22,011,658
+259,062
| +1% | +$13.6M |
|
93
Cadence Design Systems
CDNS
$93.6B
| $1.27B | 0.2% |
4,068,550
-120,822
| -3% | -$35.7M |
|
94
Gilead Sciences
GILD
$162B
| $1.26B | 0.2% |
17,260,000
+1,192,555
| +7% | +$91.7M |
|
95
AvalonBay Communities
AVB
$26.5B
| $1.26B | 0.2% |
6,796,142
+3,297
| +0% | +$593K |
|
|
MRSH
96
Marsh
MRSH
$90.5B
| $1.25B | 0.2% |
6,086,042
+554,415
| +10% | +$110M |
|
97
Morgan Stanley
MS
$331B
| $1.25B | 0.2% |
13,266,855
+2,992,273
| +29% | +$264M |
|
98
United Rentals
URI
$67.2B
| $1.24B | 0.2% |
1,725,685
+21,101
| +1% | +$13.5M |
|
99
TJX Companies
TJX
$174B
| $1.23B | 0.19% |
12,138,385
-583,476
| -5% | -$56.6M |
|
100
Analog Devices
ADI
$179B
| $1.23B | 0.19% |
6,211,745
+41,181
| +0.7% | +$7.92M |
|
Similar funds
Norges Bank's Q1 2024 Portfolio in Review
As of Q1 2024, Norges Bank held 1,998 positions worth $634B, up 11% from $572B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank's Q1 2024 filing shows 56 new, 971 increased, 737 reduced and 113 closed positions. Its largest new stake was Flutter Entertainment: 4,117,926 shares worth $820M. The largest sale was Alphabet (Google) Class A, an estimated $2.41B.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 28% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2024 buy was Flutter Entertainment: 4,117,926 shares worth $820M.
- Norges Bank added most to Alphabet (Google) Class C in Q1 2024, an estimated $1.19B increase.
- Norges Bank's biggest Q1 2024 reduction was Alphabet (Google) Class A, cutting an estimated $2.41B.
- Norges Bank fully exited Splunk Inc in Q1 2024, selling an estimated $379M.
- Norges Bank's ten largest holdings make up 27% of its $634B portfolio in Q1 2024.
- Norges Bank opened 56 new positions and closed 113 in Q1 2024.
- Norges Bank's portfolio value rose 11% quarter-over-quarter to $634B.
Based on Norges Bank's 13F filing for Q1 2024, filed 14 May 2024.