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 | |
|---|---|---|---|---|---|---|
1001
Gentex
GNTX
$4.82B
| $52.8M | 0.01% |
+2,267,606
| New | +$54.7M |
|
1002
LyondellBasell Industries
LYB
$20.5B
| $52.2M | 0.01% |
+1,205,771
| New | +$54.6M |
|
1003
Independence Realty Trust
IRT
$3.87B
| $52.1M | 0.01% |
+2,981,783
| New | +$49.4M |
|
1004
Texas Capital Bancshares
TCBI
$4.26B
| $51.7M | 0.01% |
+571,330
| New | +$50.2M |
|
1005
Shift4
FOUR
$3.48B
| $51.6M | 0.01% |
+820,000
| New | +$57.9M |
|
1006
Assured Guaranty
AGO
$3.29B
| $51.5M | 0.01% |
+573,478
| New | +$49.5M |
|
|
KLAR
1007
Klarna Group
KLAR
$5.42B
| $51.4M | 0.01% |
+1,777,365
| New | +$61M |
|
1008
Cytokinetics
CYTK
$10.1B
| $51.3M | 0.01% |
+807,070
| New | +$50.2M |
|
1009
First Financial Bankshares
FFIN
$4.77B
| $51.2M | 0.01% |
+1,714,998
| New | +$54M |
|
1010
Exponent
EXPO
$3.42B
| $51.2M | 0.01% |
+736,619
| New | +$51.7M |
|
1011
Madison Square Garden
MSGS
$9.38B
| $51.1M | 0.01% |
+197,592
| New | +$45M |
|
1012
Global E Online
GLBE
$6.73B
| $51.1M | 0.01% |
+1,300,016
| New | +$48.2M |
|
1013
Murphy USA
MUSA
$9.29B
| $50.7M | 0.01% |
+125,710
| New | +$48.2M |
|
1014
Novanta
NOVT
$5.41B
| $50.7M | 0.01% |
+426,244
| New | +$48.5M |
|
1015
CAVA Group
CAVA
$7.78B
| $50.3M | 0.01% |
+856,676
| New | +$47.8M |
|
1016
NorthWestern Energy
NWE
$4.31B
| $50.3M | 0.01% |
+778,958
| New | +$49.3M |
|
1017
Capri Holdings
CPRI
$1.53B
| $50.2M | 0.01% |
+2,058,514
| New | +$47.6M |
|
1018
WEX
WEX
$6.78B
| $50.2M | 0.01% |
+336,973
| New | +$50.8M |
|
1019
Franklin Electric
FELE
$4.44B
| $50M | 0.01% |
+523,505
| New | +$50M |
|
1020
Upstart Holdings
UPST
$2.82B
| $49.9M | 0.01% |
+1,141,425
| New | +$52.6M |
|
1021
SPS Commerce
SPSC
$3.06B
| $49.9M | 0.01% |
+559,669
| New | +$51.9M |
|
1022
Sensient Technologies
SXT
$5.8B
| $49.9M | 0.01% |
+530,780
| New | +$50.1M |
|
1023
Cleveland-Cliffs
CLF
$6.6B
| $49.8M | 0.01% |
+3,749,785
| New | +$47.3M |
|
1024
Cabot Corp
CBT
$4.31B
| $49.7M | 0.01% |
+749,269
| New | +$49.9M |
|
1025
Triple Flag Precious Metals
TFPM
$6.95B
| $49.5M | 0.01% |
+1,491,073
| New | +$46.6M |
|
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.