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
|
+$1.37B |
| 2 |
Broadcom
AVGO
|
+$1.13B |
| 3 |
Bank of America
BAC
|
+$880M |
| 4 |
Amazon
AMZN
|
+$755M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$744M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$1.2B |
| 2 |
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
|
+$822M |
| 3 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$542M |
| 4 |
Kenvue
KVUE
|
+$514M |
| 5 |
RTX Corp
RTX
|
+$501M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.35% |
| 2 | Financials | 13.96% |
| 3 | Healthcare | 11.94% |
| 4 | Consumer Discretionary | 11.37% |
| 5 | Communication Services | 8.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1026
Lamar Advertising Co
LAMR
$16B
| $38.4M | 0.01% |
361,363
-392,815
| -52% | -$36.9M |
|
1027
Merit Medical Systems
MMSI
$5.11B
| $38.2M | 0.01% |
502,434
+9,192
| +2% | +$642K |
|
|
GRP.U
1028
DELISTED
Granite Real Estate Investment Trust
GRP.U
| $38.1M | 0.01% |
661,021
+19,659
| +3% | +$1.02M |
|
|
TGNA
1029
DELISTED
TEGNA Inc
TGNA
| $38M | 0.01% |
2,484,236
-1,292,316
| -34% | -$19.4M |
|
1030
Parsons
PSN
$5.09B
| $37.9M | 0.01% |
603,638
-230,518
| -28% | -$13.9M |
|
1031
Rapid7
RPD
$720M
| $37.8M | 0.01% |
661,830
+20,106
| +3% | +$1.05M |
|
|
UCB
1032
United Community Banks
UCB
$4.29B
| $37.7M | 0.01% |
1,289,243
+191,584
| +17% | +$4.89M |
|
1033
NewMarket
NEU
$8.18B
| $37.7M | 0.01% |
68,994
+4,625
| +7% | +$2.33M |
|
|
AXNX
1034
DELISTED
Axonics, Inc. Common Stock
AXNX
| $37.6M | 0.01% |
604,931
-691,166
| -53% | -$38.7M |
|
1035
Abercrombie & Fitch
ANF
$4.9B
| $37.6M | 0.01% |
426,572
+368,990
| +641% | +$26.3M |
|
1036
Braze
BRZE
$2.97B
| $37.6M | 0.01% |
707,400
-36,000
| -5% | -$1.78M |
|
1037
Installed Building Products
IBP
$6.41B
| $37.6M | 0.01% |
205,574
+48,168
| +31% | +$6.76M |
|
1038
Advance Auto Parts
AAP
$3.55B
| $37.5M | 0.01% |
614,820
+18,944
| +3% | +$1.04M |
|
1039
ACI Worldwide
ACIW
$5.82B
| $37.5M | 0.01% |
1,225,771
+25,904
| +2% | +$648K |
|
1040
Power Integrations
POWI
$3.37B
| $37.4M | 0.01% |
455,783
+73,568
| +19% | +$5.64M |
|
1041
Qfin Holdings
QFIN
$1.65B
| $37.1M | 0.01% |
2,346,894
-273,233
| -10% | -$4.19M |
|
|
CFLT
1042
DELISTED
Confluent
CFLT
| $37M | 0.01% |
1,583,150
-524,546
| -25% | -$12.7M |
|
1043
Ultragenyx Pharmaceutical
RARE
$2.54B
| $36.8M | 0.01% |
770,506
+172,418
| +29% | +$6.68M |
|
1044
KB Home
KBH
$3.56B
| $36.8M | 0.01% |
588,555
-21,591
| -4% | -$1.11M |
|
1045
Associated Banc-Corp
ASB
$5.99B
| $36.7M | 0.01% |
1,716,767
+744,680
| +77% | +$13.4M |
|
1046
DaVita
DVA
$14.6B
| $36.6M | 0.01% |
349,618
-50,464
| -13% | -$4.66M |
|
|
NSA
1047
DELISTED
National Storage Affiliates Trust
NSA
| $36.6M | 0.01% |
881,760
+24,175
| +3% | +$810K |
|
1048
IPG Photonics
IPGP
$3.7B
| $36.4M | 0.01% |
335,036
+35,775
| +12% | +$3.46M |
|
1049
Korn Ferry
KFY
$4.23B
| $36.3M | 0.01% |
612,414
+28,487
| +5% | +$1.45M |
|
1050
10x Genomics
TXG
$5.97B
| $36.3M | 0.01% |
647,996
+360,498
| +125% | +$15.7M |
|
Similar funds
Norges Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Norges Bank held 2,039 positions worth $572B, up 16% from $493B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank deployed $18.4B of net new capital in Q4 2023, opening 73 new positions and adding to 987 existing holdings. Its largest new stake was Veralto: 3,235,391 shares worth $266M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Kenvue, an estimated $514M trimmed.
- Norges Bank's largest Q4 2023 buy was Veralto: 3,235,391 shares worth $266M.
- Norges Bank added most to Microsoft in Q4 2023, an estimated $1.37B increase.
- Norges Bank's biggest Q4 2023 reduction was Kenvue, cutting an estimated $514M.
- Norges Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $1.2B.
- Norges Bank's ten largest holdings make up 27% of its $572B portfolio in Q4 2023.
- Norges Bank opened 73 new positions and closed 97 in Q4 2023.
- Norges Bank's portfolio value rose 16% quarter-over-quarter to $572B.
Based on Norges Bank's 13F filing for Q4 2023, filed 9 Feb 2024.