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
|
+$1.1B |
| 2 |
Apple
AAPL
|
+$1.1B |
| 3 |
Microsoft
MSFT
|
+$819M |
| 4 |
Cigna
CI
|
+$613M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$472M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$548M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$506M |
| 3 |
TWTR
Twitter, Inc.
TWTR
|
+$388M |
| 4 |
DRE
Duke Realty Corp.
DRE
|
+$358M |
| 5 |
IBM
IBM
|
+$211M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.98% |
| 2 | Healthcare | 15.12% |
| 3 | Financials | 15.08% |
| 4 | Consumer Discretionary | 10.12% |
| 5 | Industrials | 8.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1001
Madrigal Pharmaceuticals
MDGL
$12.1B
| $33.8M | 0.01% |
116,300
| – | – |
|
1002
Recursion Pharmaceuticals
RXRX
$1.76B
| $33.7M | 0.01% |
4,371,313
| – | – |
|
|
AAWW
1003
DELISTED
Atlas Air Worldwide Holdings, Inc.
AAWW
| $33.7M | 0.01% |
334,286
+74,397
| +29% | +$7.46M |
|
1004
Vishay Intertechnology
VSH
$4.88B
| $33.7M | 0.01% |
1,562,107
+254,235
| +19% | +$5.37M |
|
1005
Cable One
CABO
$112M
| $33.7M | 0.01% |
47,283
+6,087
| +15% | +$4.54M |
|
|
TWNK
1006
DELISTED
Hostess Brands, Inc. Class A Common Stock
TWNK
| $33.5M | 0.01% |
1,494,851
+413,760
| +38% | +$10.4M |
|
1007
Ultragenyx Pharmaceutical
RARE
$1.3B
| $33.5M | 0.01% |
723,632
-41,488
| -5% | -$1.63M |
|
1008
Highwoods Properties
HIW
$3.42B
| $33.5M | 0.01% |
1,197,695
-37,206
| -3% | -$1.03M |
|
1009
ONE Gas
OGS
$4.82B
| $33.5M | 0.01% |
441,946
-40,980
| -8% | -$3.16M |
|
1010
Onto Innovation
ONTO
$12.3B
| $33.4M | 0.01% |
491,135
+21,927
| +5% | +$1.58M |
|
1011
Hawaiian Electric Industries
HE
$1.76B
| $33.4M | 0.01% |
796,904
+152,360
| +24% | +$5.88M |
|
1012
Forward Air
FWRD
$543M
| $33.3M | 0.01% |
317,936
+22,253
| +8% | +$2.34M |
|
1013
Lumen
LUMN
$7.22B
| $33.3M | 0.01% |
6,383,966
+19,418
| +0.3% | +$119K |
|
1014
Moog Inc Class A
MOG.A
$11.4B
| $33.2M | 0.01% |
378,488
+81,000
| +27% | +$6.78M |
|
|
NSA
1015
DELISTED
National Storage Affiliates Trust
NSA
| $33.1M | 0.01% |
917,282
-360,554
| -28% | -$14.1M |
|
1016
Robinhood
HOOD
$96.6B
| $33.1M | 0.01% |
4,065,037
-991,534
| -20% | -$9.72M |
|
|
TMHC
1017
DELISTED
Taylor Morrison
TMHC
| $33M | 0.01% |
1,086,440
+9,398
| +0.9% | +$262K |
|
1018
Albany International
AIN
$1.7B
| $32.9M | 0.01% |
333,821
-4,623
| -1% | -$441K |
|
|
NUVA
1019
DELISTED
NuVasive, Inc.
NUVA
| $32.9M | 0.01% |
797,685
+337,200
| +73% | +$13.7M |
|
1020
Envista
NVST
$4.01B
| $32.9M | 0.01% |
976,526
-17,406
| -2% | -$595K |
|
1021
Plexus
PLXS
$6.47B
| $32.9M | 0.01% |
319,207
+64,200
| +25% | +$6.49M |
|
1022
RLI Corp
RLI
$5.63B
| $32.8M | 0.01% |
500,456
-196,292
| -28% | -$12.2M |
|
1023
Zai Lab
ZLAB
$2.8B
| $32.8M | 0.01% |
1,067,883
-7,500
| -0.7% | -$237K |
|
1024
Ryman Hospitality Properties
RHP
$8.45B
| $32.7M | 0.01% |
400,433
-29,612
| -7% | -$2.53M |
|
1025
DraftKings
DKNG
$12.1B
| $32.7M | 0.01% |
2,871,306
-232,422
| -7% | -$3.23M |
|
Similar funds
Norges Bank's Q4 2022 Portfolio in Review
As of Q4 2022, Norges Bank held 2,222 positions worth $415B, up 10% from $376B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
Norges Bank deployed $17.2B of net new capital in Q4 2022, opening 133 new positions and adding to 1,177 existing holdings. Its largest new stake was Mobileye: 12,085,900 shares worth $424M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was T-Mobile US, an estimated $548M trimmed.
- Norges Bank's largest Q4 2022 buy was Mobileye: 12,085,900 shares worth $424M.
- Norges Bank added most to Alphabet (Google) Class C in Q4 2022, an estimated $1.1B increase.
- Norges Bank's biggest Q4 2022 reduction was T-Mobile US, cutting an estimated $548M.
- Norges Bank fully exited Twitter, Inc. in Q4 2022, selling an estimated $388M.
- Norges Bank's ten largest holdings make up 21% of its $415B portfolio in Q4 2022.
- Norges Bank opened 133 new positions and closed 92 in Q4 2022.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $415B.
Based on Norges Bank's 13F filing for Q4 2022, filed 14 Feb 2023.