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 A
GOOGL
|
+$1.31B |
| 2 |
Visa
V
|
+$778M |
| 3 |
SCHW
Charles Schwab
SCHW
|
+$528M |
| 4 |
Fortinet
FTNT
|
+$418M |
| 5 |
Prologis
PLD
|
+$340M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$2.06B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$1.83B |
| 3 |
NVIDIA
NVDA
|
+$1.56B |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.47B |
| 5 |
UBS Group
UBS
|
+$1.44B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.04% |
| 2 | Financials | 15.62% |
| 3 | Healthcare | 11.22% |
| 4 | Consumer Discretionary | 10.85% |
| 5 | Communication Services | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1026
Avista
AVA
$3.16B
| $40M | 0.01% |
955,200
+214,314
| +29% | +$8.13M |
|
1027
Enphase Energy
ENPH
$5.19B
| $39.9M | 0.01% |
642,811
-31,892
| -5% | -$2.02M |
|
1028
Highwoods Properties
HIW
$3.46B
| $39.8M | 0.01% |
1,342,579
+272,384
| +25% | +$7.95M |
|
1029
Teva Pharmaceuticals
TEVA
$43.8B
| $39.7M | 0.01% |
2,585,200
+836,130
| +48% | +$14.9M |
|
1030
MDU Resources
MDU
$4.24B
| $39.7M | 0.01% |
2,345,209
+77,879
| +3% | +$1.34M |
|
1031
UiPath
PATH
$9.5B
| $39.5M | 0.01% |
3,831,077
-1,770,113
| -32% | -$22.8M |
|
1032
Insperity
NSP
$1.98B
| $39M | 0.01% |
437,232
+29,709
| +7% | +$2.47M |
|
1033
Flowers Foods
FLO
$1.48B
| $38.9M | 0.01% |
2,048,436
-13,100
| -0.6% | -$250K |
|
1034
Simply Good Foods
SMPL
$903M
| $38.9M | 0.01% |
1,128,938
| – | – |
|
|
UCB
1035
United Community Banks
UCB
$4.25B
| $38.8M | 0.01% |
1,380,585
+54,769
| +4% | +$1.71M |
|
1036
ABM Industries
ABM
$2.76B
| $38.6M | 0.01% |
814,113
-44,948
| -5% | -$2.31M |
|
1037
SiriusXM
SIRI
$9.61B
| $38.3M | 0.01% |
1,700,664
+460,790
| +37% | +$10.9M |
|
1038
CorVel
CRVL
$3.51B
| $38.3M | 0.01% |
341,810
-30,232
| -8% | -$3.37M |
|
1039
Bio-Rad Laboratories Class A
BIO
$10.4B
| $38.2M | 0.01% |
156,714
+29,948
| +24% | +$9.01M |
|
|
SEE
1040
DELISTED
Sealed Air
SEE
| $38.1M | 0.01% |
1,318,937
-175,659
| -12% | -$5.75M |
|
1041
First Bancorp
FBP
$4.23B
| $38.1M | 0.01% |
1,987,702
+90,180
| +5% | +$1.75M |
|
1042
Fulton Financial
FULT
$4.53B
| $37.9M | 0.01% |
2,096,084
+124,604
| +6% | +$2.43M |
|
1043
Ryman Hospitality Properties
RHP
$8.91B
| $37.9M | 0.01% |
414,580
+132,349
| +47% | +$13.3M |
|
1044
COPT Defense Properties
CDP
$4.23B
| $37.9M | 0.01% |
1,389,129
-88,040
| -6% | -$2.48M |
|
1045
Intapp
INTA
$3.34B
| $37.9M | 0.01% |
+648,676
| New | +$42.8M |
|
1046
Alight
ALIT
$379M
| $37.6M | 0.01% |
316,884
+63,670
| +25% | +$8.38M |
|
1047
AutoNation
AN
$6.57B
| $37.6M | 0.01% |
232,040
+7,500
| +3% | +$1.34M |
|
1048
Viking Therapeutics
VKTX
$3.95B
| $37.3M | 0.01% |
1,545,532
+266,604
| +21% | +$8.43M |
|
1049
Dorman Products
DORM
$3.8B
| $37.2M | 0.01% |
308,906
-7,936
| -3% | -$1.01M |
|
|
GRP.U
1050
DELISTED
Granite Real Estate Investment Trust
GRP.U
| $37.2M | 0.01% |
798,627
| – | – |
|
Similar funds
Norges Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Norges Bank held 1,892 positions worth $712B, down 6.5% from $762B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Norges Bank's Q1 2025 filing shows 47 new, 694 increased, 865 reduced and 149 closed positions. Its largest new stake was Rocket Lab Corp: 4,017,216 shares worth $71.8M. The largest sale was Microsoft, an estimated $2.06B.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 31% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2025 buy was Rocket Lab Corp: 4,017,216 shares worth $71.8M.
- Norges Bank added most to Alphabet (Google) Class A in Q1 2025, an estimated $1.31B increase.
- Norges Bank's biggest Q1 2025 reduction was Microsoft, cutting an estimated $2.06B.
- Norges Bank fully exited HashiCorp, Inc. Class A Common Stock in Q1 2025, selling an estimated $161M.
- Norges Bank's ten largest holdings make up 30% of its $712B portfolio in Q1 2025.
- Norges Bank opened 47 new positions and closed 149 in Q1 2025.
- Norges Bank's portfolio value fell 6.5% quarter-over-quarter to $712B.
Based on Norges Bank's 13F filing for Q1 2025, filed 13 May 2025.