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
|
+$1.7B |
| 2 |
Apple
AAPL
|
+$1.61B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$1.17B |
| 4 |
Capital One
COF
|
+$865M |
| 5 |
Tesla
TSLA
|
+$812M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.89B |
| 2 |
Sea Limited
SE
|
+$1.15B |
| 3 |
NextEra Energy
NEE
|
+$1.06B |
| 4 |
DFS
Discover Financial Services
DFS
|
+$847M |
| 5 |
Sempra
SRE
|
+$708M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.63% |
| 2 | Financials | 15.4% |
| 3 | Consumer Discretionary | 10.72% |
| 4 | Communication Services | 9.72% |
| 5 | Healthcare | 9.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1001
Churchill Downs
CHDN
$6.03B
| $43.9M | 0.01% |
435,002
-89,081
| -17% | -$8.72M |
|
1002
Robert Half
RHI
$4.6B
| $43.8M | 0.01% |
1,067,092
+180,200
| +20% | +$8.21M |
|
1003
Exponent
EXPO
$3.38B
| $43.8M | 0.01% |
585,619
-66,527
| -10% | -$5.15M |
|
1004
Global E Online
GLBE
$6.63B
| $43.6M | 0.01% |
1,300,016
| – | – |
|
1005
Neogen
NEOG
$2.56B
| $43.4M | 0.01% |
9,076,830
-5,731,135
| -39% | -$32.9M |
|
1006
Qfin Holdings
QFIN
$1.11B
| $43.3M | 0.01% |
997,813
+22,043
| +2% | +$919K |
|
1007
Highwoods Properties
HIW
$3.46B
| $43.2M | 0.01% |
1,389,625
+47,046
| +4% | +$1.38M |
|
1008
SiriusXM
SIRI
$9.61B
| $43.2M | 0.01% |
1,878,630
+177,966
| +10% | +$3.83M |
|
1009
Pegasystems
PEGA
$5.9B
| $43M | 0.01% |
794,160
-439,140
| -36% | -$19.9M |
|
1010
WEX
WEX
$6.76B
| $42.8M | 0.01% |
291,453
-100,887
| -26% | -$13.6M |
|
1011
Aurora
AUR
$11.4B
| $42.4M | 0.01% |
8,095,546
+973,025
| +14% | +$6.1M |
|
1012
Logitech
LOGI
$14B
| $42.2M | 0.01% |
468,942
-1,482,599
| -76% | -$120M |
|
|
UCB
1013
United Community Banks
UCB
$4.25B
| $42.1M | 0.01% |
1,411,933
+31,348
| +2% | +$871K |
|
1014
Prestige Consumer Healthcare
PBH
$2.43B
| $41.8M | 0.01% |
524,077
| – | – |
|
1015
Southwest Airlines
LUV
$19.5B
| $41.7M | 0.01% |
1,284,308
+268,522
| +26% | +$8.09M |
|
1016
Scholar Rock
SRRK
$7.22B
| $41.6M | 0.01% |
1,175,278
-458,144
| -28% | -$14.4M |
|
1017
Portland General Electric
POR
$5.86B
| $41.6M | 0.01% |
1,022,749
+9,989
| +1% | +$419K |
|
1018
Weatherford International
WFRD
$6.59B
| $41.5M | 0.01% |
825,720
-8,791
| -1% | -$408K |
|
1019
First Bancorp
FBP
$4.23B
| $41.4M | 0.01% |
1,987,702
| – | – |
|
1020
Cousins Properties
CUZ
$4.85B
| $41.4M | 0.01% |
1,376,993
-68,039
| -5% | -$1.92M |
|
1021
Brighthouse Financial
BHF
$3.11B
| $41.2M | 0.01% |
765,893
-25,666
| -3% | -$1.44M |
|
1022
TAL Education Group
TAL
$6.5B
| $41.1M | 0.01% |
4,024,110
-3,234,538
| -45% | -$33.4M |
|
1023
Modine Manufacturing
MOD
$9.9B
| $41.1M | 0.01% |
417,067
+73,410
| +21% | +$6.55M |
|
|
APLS
1024
DELISTED
Apellis Pharmaceuticals
APLS
| $41M | 0.01% |
2,367,224
+793,623
| +50% | +$14.7M |
|
1025
Campbell Soup
CPB
$6.94B
| $41M | 0.01% |
1,336,608
-94,506
| -7% | -$3.32M |
|
Similar funds
Norges Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Norges Bank held 1,794 positions worth $801B, up 12% from $712B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank's Q2 2025 filing shows 51 new, 783 increased, 711 reduced and 87 closed positions. Its largest new stake was Amrize Ltd: 13,445,492 shares worth $671M. The largest sale was Alphabet (Google) Class A, an estimated $1.89B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q2 2025 buy was Amrize Ltd: 13,445,492 shares worth $671M.
- Norges Bank added most to NVIDIA in Q2 2025, an estimated $1.7B increase.
- Norges Bank's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.89B.
- Norges Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $847M.
- Norges Bank's ten largest holdings make up 33% of its $801B portfolio in Q2 2025.
- Norges Bank opened 51 new positions and closed 87 in Q2 2025.
- Norges Bank's portfolio value rose 12% quarter-over-quarter to $801B.
Based on Norges Bank's 13F filing for Q2 2025, filed 13 Aug 2025.