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 C
GOOG
|
+$1.1B |
| 2 |
Apple
AAPL
|
+$1.1B |
| 3 |
Microsoft
MSFT
|
+$819M |
| 4 |
Cigna
CI
|
+$613M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$472M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$548M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$506M |
| 3 |
TWTR
Twitter, Inc.
TWTR
|
+$388M |
| 4 |
DRE
Duke Realty Corp.
DRE
|
+$358M |
| 5 |
IBM
IBM
|
+$211M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.98% |
| 2 | Healthcare | 15.12% |
| 3 | Financials | 15.08% |
| 4 | Consumer Discretionary | 10.12% |
| 5 | Industrials | 8.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1051
Acadia Pharmaceuticals
ACAD
$4.69B
| $31.1M | 0.01% |
1,954,156
-23,000
| -1% | -$360K |
|
1052
Bankunited
BKU
$3.23B
| $31.1M | 0.01% |
914,465
-29,638
| -3% | -$1.05M |
|
|
GRP.U
1053
DELISTED
Granite Real Estate Investment Trust
GRP.U
| $31.1M | 0.01% |
608,826
+53,613
| +10% | +$2.86M |
|
1054
Alaska Air
ALK
$4.45B
| $31M | 0.01% |
721,465
-32,859
| -4% | -$1.45M |
|
1055
American States Water
AWR
$3.45B
| $31M | 0.01% |
334,424
+22,267
| +7% | +$2.03M |
|
1056
Southern Copper
SCCO
$162B
| $30.9M | 0.01% |
559,434
+483,240
| +634% | +$24.4M |
|
|
LEG
1057
DELISTED
Leggett & Platt
LEG
| $30.9M | 0.01% |
958,549
+2,234
| +0.2% | +$75.2K |
|
1058
Belden
BDC
$4.48B
| $30.8M | 0.01% |
428,681
+173,873
| +68% | +$12.6M |
|
1059
Diodes
DIOD
$4.25B
| $30.8M | 0.01% |
403,941
+19,986
| +5% | +$1.57M |
|
1060
BOK Financial
BOKF
$8.22B
| $30.8M | 0.01% |
296,311
+17,996
| +6% | +$1.82M |
|
1061
Jackson Financial
JXN
$9.43B
| $30.7M | 0.01% |
883,826
+220,097
| +33% | +$7.65M |
|
1062
Armstrong World Industries
AWI
$6.77B
| $30.7M | 0.01% |
447,957
+20,679
| +5% | +$1.56M |
|
1063
Darden Restaurants
DRI
$23.9B
| $30.7M | 0.01% |
222,010
-478,654
| -68% | -$66.8M |
|
1064
EPR Properties
EPR
$4.46B
| $30.7M | 0.01% |
813,092
+35,630
| +5% | +$1.39M |
|
1065
Avista
AVA
$3.08B
| $30.6M | 0.01% |
689,079
+60,063
| +10% | +$2.4M |
|
1066
Insight Enterprises
NSIT
$4.82B
| $30.5M | 0.01% |
304,105
+21,294
| +8% | +$2.03M |
|
1067
Badger Meter
BMI
$3.68B
| $30.5M | 0.01% |
279,370
+120,066
| +75% | +$13M |
|
1068
Granite Construction
GVA
$5.16B
| $30.4M | 0.01% |
867,074
+195,700
| +29% | +$6.4M |
|
1069
Terex
TEX
$6.84B
| $30.2M | 0.01% |
707,612
+130,300
| +23% | +$5.25M |
|
|
HI
1070
DELISTED
Hillenbrand
HI
| $30.2M | 0.01% |
708,304
+20,017
| +3% | +$886K |
|
|
RCM
1071
DELISTED
R1 RCM Inc. Common Stock
RCM
| $30.1M | 0.01% |
2,750,415
+772,611
| +39% | +$9.81M |
|
1072
NCR Voyix
VYX
$1.02B
| $30.1M | 0.01% |
2,096,698
+407,775
| +24% | +$5.42M |
|
1073
Starwood Property Trust
STWD
$5.64B
| $30.1M | 0.01% |
1,642,677
-1,177,239
| -42% | -$23.5M |
|
1074
Paycom
PAYC
$10.2B
| $30.1M | 0.01% |
97,020
+32,605
| +51% | +$10.5M |
|
1075
Atmos Energy
ATO
$27.7B
| $30.1M | 0.01% |
268,384
+213,935
| +393% | +$23.5M |
|
Similar funds
Norges Bank's Q4 2022 Portfolio in Review
As of Q4 2022, Norges Bank held 2,222 positions worth $415B, up 10% from $376B the previous quarter. Its ten largest holdings account for 21% of the portfolio.
Norges Bank deployed $17.2B of net new capital in Q4 2022, opening 133 new positions and adding to 1,177 existing holdings. Its largest new stake was Mobileye: 12,085,900 shares worth $424M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 24% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was T-Mobile US, an estimated $548M trimmed.
- Norges Bank's largest Q4 2022 buy was Mobileye: 12,085,900 shares worth $424M.
- Norges Bank added most to Alphabet (Google) Class C in Q4 2022, an estimated $1.1B increase.
- Norges Bank's biggest Q4 2022 reduction was T-Mobile US, cutting an estimated $548M.
- Norges Bank fully exited Twitter, Inc. in Q4 2022, selling an estimated $388M.
- Norges Bank's ten largest holdings make up 21% of its $415B portfolio in Q4 2022.
- Norges Bank opened 133 new positions and closed 92 in Q4 2022.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $415B.
Based on Norges Bank's 13F filing for Q4 2022, filed 14 Feb 2023.