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 | |
|---|---|---|---|---|---|---|
1076
Liberty Global Class A
LBTYA
$3.63B
| $42.2M | ﹤0.01% |
+3,791,590
| New | +$42M |
|
1077
Boise Cascade
BCC
$2.73B
| $42.1M | ﹤0.01% |
+572,639
| New | +$41.8M |
|
1078
First Bancorp
FBP
$4.28B
| $42.1M | ﹤0.01% |
+2,032,726
| New | +$41.9M |
|
1079
Coty
COTY
$2.47B
| $41.9M | ﹤0.01% |
+13,593,175
| New | +$49.4M |
|
1080
Aaon
AAON
$6.4B
| $41.6M | ﹤0.01% |
+545,368
| New | +$50.4M |
|
1081
Dorman Products
DORM
$3.82B
| $41.5M | ﹤0.01% |
+336,784
| New | +$45.5M |
|
|
BETA
1082
Beta Technologies Inc
BETA
$4.98B
| $41.5M | ﹤0.01% |
+1,470,589
| New | +$43.9M |
|
1083
Nexstar Media Group
NXST
$5.57B
| $41.5M | ﹤0.01% |
+204,256
| New | +$39.9M |
|
1084
Broadstone Net Lease
BNL
$4.34B
| $41.5M | ﹤0.01% |
+2,387,491
| New | +$43M |
|
1085
Avient
AVNT
$4.07B
| $41.5M | ﹤0.01% |
+1,327,044
| New | +$41.1M |
|
1086
Cathay General Bancorp
CATY
$4.14B
| $41.1M | ﹤0.01% |
+850,180
| New | +$40.9M |
|
1087
Vail Resorts
MTN
$5.15B
| $41.1M | ﹤0.01% |
+309,531
| New | +$45.6M |
|
1088
Apple Hospitality REIT
APLE
$3.91B
| $40.9M | ﹤0.01% |
+3,455,684
| New | +$40.5M |
|
1089
WillScot Mobile Mini Holdings
WSC
$3.8B
| $40.9M | ﹤0.01% |
+2,173,407
| New | +$43.8M |
|
1090
IES Holdings
IESC
$13B
| $40.6M | ﹤0.01% |
+208,614
| New | +$41.9M |
|
1091
Champion Homes
SKY
$4.91B
| $40.5M | ﹤0.01% |
+478,952
| New | +$37.7M |
|
1092
First Hawaiian
FHB
$3.15B
| $40.3M | ﹤0.01% |
+1,592,131
| New | +$39.6M |
|
1093
Acadia Pharmaceuticals
ACAD
$5.06B
| $40.3M | ﹤0.01% |
+1,507,527
| New | +$36M |
|
1094
COPT Defense Properties
CDP
$4.21B
| $39.7M | ﹤0.01% |
+1,427,511
| New | +$41.2M |
|
1095
West Fraser Timber
WFG
$5.36B
| $39.7M | ﹤0.01% |
+648,266
| New | +$40.6M |
|
1096
Valvoline
VVV
$4.09B
| $39.7M | ﹤0.01% |
+1,364,469
| New | +$43.8M |
|
1097
Axalta
AXTA
$7.88B
| $39.6M | ﹤0.01% |
+1,226,697
| New | +$36M |
|
1098
Marathon Digital Holdings
MARA
$4.26B
| $39.5M | ﹤0.01% |
+4,397,792
| New | +$64.9M |
|
1099
Casella Waste Systems
CWST
$5.95B
| $39.3M | ﹤0.01% |
+401,703
| New | +$37.3M |
|
1100
Toro Company
TTC
$9.42B
| $39.2M | ﹤0.01% |
+498,357
| New | +$36.8M |
|
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.