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
|
+$764M |
| 2 |
UBS Group
UBS
|
+$753M |
| 3 |
Apple
AAPL
|
+$665M |
| 4 |
JPMorgan Chase
JPM
|
+$621M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$498M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$811M |
| 2 |
Oracle
ORCL
|
+$505M |
| 3 |
T-Mobile US
TMUS
|
+$390M |
| 4 |
Deutsche Bank
DB
|
+$275M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1001
Alaska Air
ALK
$5.66B
| $35.7M | 0.01% |
850,414
+128,949
| +18% | +$6.05M |
|
1002
NorthWestern Energy
NWE
$4.32B
| $35.7M | 0.01% |
616,204
+21,441
| +4% | +$1.22M |
|
|
LTHM
1003
DELISTED
Livent Corporation
LTHM
| $35.5M | 0.01% |
1,635,728
+25,575
| +2% | +$591K |
|
1004
Badger Meter
BMI
$3.98B
| $35.5M | 0.01% |
291,639
+12,269
| +4% | +$1.43M |
|
|
SUM
1005
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
| $35.4M | 0.01% |
1,244,070
+33,298
| +3% | +$1.01M |
|
1006
Darden Restaurants
DRI
$24.1B
| $35.2M | 0.01% |
226,831
+4,821
| +2% | +$713K |
|
1007
HealthEquity
HQY
$8.65B
| $35.1M | 0.01% |
598,135
+45,395
| +8% | +$2.76M |
|
1008
Jackson Financial
JXN
$9.03B
| $35.1M | 0.01% |
937,826
+54,000
| +6% | +$2.22M |
|
1009
Kohl's
KSS
$2.09B
| $35.1M | 0.01% |
1,489,062
-180,522
| -11% | -$5.09M |
|
1010
Avnet
AVT
$7.94B
| $35M | 0.01% |
774,347
-129,695
| -14% | -$5.78M |
|
|
SPR
1011
DELISTED
Spirit AeroSystems
SPR
| $35M | 0.01% |
1,012,982
+38,241
| +4% | +$1.28M |
|
1012
Apple Hospitality REIT
APLE
$3.77B
| $35M | 0.01% |
2,253,019
-104,893
| -4% | -$1.72M |
|
1013
Group 1 Automotive
GPI
$3.23B
| $34.7M | 0.01% |
153,165
+110,444
| +259% | +$23.4M |
|
1014
GATX Corp
GATX
$6.31B
| $34.6M | 0.01% |
314,480
+82,237
| +35% | +$8.97M |
|
1015
Hamilton Lane
HLNE
$5.43B
| $34.5M | 0.01% |
466,961
+112,021
| +32% | +$8.28M |
|
|
HI
1016
DELISTED
Hillenbrand
HI
| $34.5M | 0.01% |
726,453
+18,149
| +3% | +$834K |
|
1017
SLM Corp
SLM
$5.15B
| $34.2M | 0.01% |
2,759,452
+286,301
| +12% | +$4.23M |
|
1018
Leggett & Platt
LEG
$1.31B
| $34.1M | 0.01% |
1,069,645
+111,096
| +12% | +$3.74M |
|
|
DOC
1019
DELISTED
PHYSICIANS REALTY TRUST
DOC
| $33.9M | 0.01% |
2,273,385
+356,752
| +19% | +$5.38M |
|
1020
Lucid Motors
LCID
$2.75B
| $33.9M | 0.01% |
421,527
-8,154
| -2% | -$724K |
|
1021
Factset
FDS
$9.77B
| $33.8M | 0.01% |
81,358
-3,821
| -4% | -$1.59M |
|
1022
Applovin
APP
$112B
| $33.7M | 0.01% |
2,142,533
+15,083
| +0.7% | +$198K |
|
1023
Yeti Holdings
YETI
$3.93B
| $33.5M | 0.01% |
838,215
+395,012
| +89% | +$16.3M |
|
|
CUK
1024
DELISTED
Carnival PLC
CUK
| $33.3M | 0.01% |
3,641,305
| – | – |
|
1025
Travel + Leisure Co
TNL
$4.74B
| $33.2M | 0.01% |
846,178
+23,849
| +3% | +$963K |
|
Similar funds
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.