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 | |
|---|---|---|---|---|---|---|
1026
Enphase Energy
ENPH
$5.19B
| $40.9M | 0.01% |
1,032,683
+389,872
| +61% | +$18M |
|
|
GRP.U
1027
DELISTED
Granite Real Estate Investment Trust
GRP.U
| $40.6M | 0.01% |
798,627
| – | – |
|
1028
H.B. Fuller
FUL
$3.07B
| $40.6M | 0.01% |
674,714
+43,600
| +7% | +$2.41M |
|
1029
Dorman Products
DORM
$3.8B
| $40.4M | 0.01% |
329,738
+20,832
| +7% | +$2.53M |
|
1030
Resideo Technologies
REZI
$3.03B
| $40.4M | 0.01% |
1,830,184
+68,965
| +4% | +$1.32M |
|
1031
Champion Homes
SKY
$4.89B
| $40.4M | 0.01% |
644,623
+15,980
| +3% | +$1.24M |
|
1032
Workiva
WK
$4.22B
| $40.2M | 0.01% |
587,735
| – | – |
|
1033
Envista
NVST
$4.41B
| $40.2M | 0.01% |
2,058,780
-13,700
| -0.7% | -$238K |
|
1034
Landstar System
LSTR
$6.17B
| $40.2M | 0.01% |
289,097
+13,000
| +5% | +$1.8M |
|
|
SII
1035
Sprott
SII
$3.51B
| $40.2M | 0.01% |
581,282
-222,456
| -28% | -$12.4M |
|
1036
Astera Labs
ALAB
$52.8B
| $40.1M | 0.01% |
443,534
+428,967
| +2,945% | +$33.9M |
|
1037
MDU Resources
MDU
$4.24B
| $40.1M | 0.01% |
2,404,768
+59,559
| +3% | +$1M |
|
1038
Kadant
KAI
$3.61B
| $40M | 0.01% |
126,064
-10,023
| -7% | -$3.14M |
|
1039
PennyMac Financial
PFSI
$3.82B
| $40M | 0.01% |
401,202
+69,442
| +21% | +$6.73M |
|
1040
MSC Industrial Direct
MSM
$6.81B
| $40M | 0.01% |
469,895
+35,169
| +8% | +$2.78M |
|
1041
Boise Cascade
BCC
$2.75B
| $39.8M | 0.01% |
458,626
-9,824
| -2% | -$891K |
|
1042
PENN Entertainment
PENN
$2.33B
| $39.7M | 0.01% |
2,223,662
+321,892
| +17% | +$5.05M |
|
1043
Dentsply Sirona
XRAY
$2.2B
| $39.7M | 0.01% |
2,500,025
-352,300
| -12% | -$5.27M |
|
1044
Broadstone Net Lease
BNL
$4.32B
| $39.6M | ﹤0.01% |
2,464,427
+111,200
| +5% | +$1.78M |
|
1045
NorthWestern Energy
NWE
$4.37B
| $39.4M | ﹤0.01% |
768,578
+15,947
| +2% | +$881K |
|
1046
COPT Defense Properties
CDP
$4.23B
| $39.4M | ﹤0.01% |
1,427,511
+38,382
| +3% | +$1.04M |
|
1047
Madison Square Garden
MSGS
$9.48B
| $39.2M | ﹤0.01% |
187,677
-61,960
| -25% | -$11.9M |
|
1048
Cytokinetics
CYTK
$10.8B
| $39.1M | ﹤0.01% |
1,184,072
+7,153
| +0.6% | +$249K |
|
1049
FIVE9
FIVN
$2.58B
| $39.1M | ﹤0.01% |
1,474,939
-1,525,061
| -51% | -$39.7M |
|
1050
Cognex
CGNX
$10.6B
| $38.9M | ﹤0.01% |
1,226,019
-124,333
| -9% | -$3.56M |
|
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.