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 | |
|---|---|---|---|---|---|---|
1051
International Bancshares
IBOC
$4.4B
| $45.6M | ﹤0.01% |
+686,300
| New | +$46.5M |
|
|
APO.PRA
1052
DELISTED
Apollo Global Management Series A
APO.PRA
| $45.3M | ﹤0.01% |
+600,000
| New | +$41.9M |
|
1053
TransAlta
TAC
$3.86B
| $45.3M | ﹤0.01% |
+3,581,371
| New | +$53.5M |
|
1054
Sotera Health
SHC
$5.52B
| $45.3M | ﹤0.01% |
+2,566,807
| New | +$42.4M |
|
1055
StoneCo
STNE
$2.18B
| $45.2M | ﹤0.01% |
+3,059,311
| New | +$51.2M |
|
1056
Envista
NVST
$4.37B
| $45.1M | ﹤0.01% |
+2,078,001
| New | +$42.6M |
|
1057
Q2 Holdings
QTWO
$4.1B
| $45M | ﹤0.01% |
+623,057
| New | +$42.8M |
|
|
WAY
1058
Waystar Holding Corp
WAY
$5.01B
| $44.6M | ﹤0.01% |
+1,362,650
| New | +$48.5M |
|
1059
Tenable Holdings
TENB
$4.17B
| $44.5M | ﹤0.01% |
+1,893,007
| New | +$51.7M |
|
1060
PennyMac Financial
PFSI
$3.84B
| $44.3M | ﹤0.01% |
+335,911
| New | +$42.8M |
|
1061
Fulton Financial
FULT
$4.53B
| $44.3M | ﹤0.01% |
+2,290,257
| New | +$42.1M |
|
1062
H.B. Fuller
FUL
$3.05B
| $44.2M | ﹤0.01% |
+743,407
| New | +$43.7M |
|
1063
Urban Outfitters
URBN
$6.96B
| $44.2M | ﹤0.01% |
+587,174
| New | +$41.5M |
|
|
CDTX
1064
DELISTED
Cidara Therapeutics
CDTX
| $44.2M | ﹤0.01% |
+200,000
| New | +$32.3M |
|
1065
SL Green Realty
SLG
$4.13B
| $44.1M | ﹤0.01% |
+961,272
| New | +$47.5M |
|
|
FLG
1066
Flagstar Bank National Association
FLG
$5.59B
| $44M | ﹤0.01% |
+3,498,468
| New | +$41.8M |
|
1067
Brown-Forman Class B
BF.B
$12.5B
| $44M | ﹤0.01% |
+1,688,089
| New | +$47.5M |
|
|
CON
1068
Concentra Group Holdings
CON
$4.38B
| $43.4M | ﹤0.01% |
+2,205,467
| New | +$44.1M |
|
1069
FMC
FMC
$1.37B
| $43.3M | ﹤0.01% |
+3,119,597
| New | +$59.5M |
|
1070
Middleby
MIDD
$5.08B
| $43.2M | ﹤0.01% |
+290,843
| New | +$38.2M |
|
1071
Tower Semiconductor
TSEM
$23.7B
| $43.2M | ﹤0.01% |
+368,669
| New | +$35.5M |
|
1072
Korn Ferry
KFY
$4.49B
| $43.2M | ﹤0.01% |
+653,787
| New | +$44M |
|
1073
Kadant
KAI
$3.52B
| $43M | ﹤0.01% |
+150,814
| New | +$42.8M |
|
1074
Moelis & Co
MC
$5.07B
| $42.9M | ﹤0.01% |
+624,365
| New | +$41.7M |
|
1075
Perrigo
PRGO
$2B
| $42.6M | ﹤0.01% |
+3,060,846
| New | +$51M |
|
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.