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 | |
|---|---|---|---|---|---|---|
|
CON
1101
Concentra Group Holdings
CON
$4.42B
| $32.4M | ﹤0.01% |
1,494,406
-844,801
| -36% | -$18.6M |
|
1102
Lear
LEA
$8.23B
| $32.3M | ﹤0.01% |
365,800
+29,145
| +9% | +$2.77M |
|
1103
U-Haul Holding Co
UHAL
$13.3B
| $32.1M | ﹤0.01% |
491,711
+84,893
| +21% | +$5.88M |
|
1104
Allegro MicroSystems
ALGM
$7.01B
| $31.8M | ﹤0.01% |
1,266,048
+34,282
| +3% | +$856K |
|
1105
Goodyear
GT
$1.77B
| $31.5M | ﹤0.01% |
3,407,439
-995,494
| -23% | -$9.1M |
|
|
AMTM
1106
Amentum Holdings
AMTM
$5B
| $31.2M | ﹤0.01% |
1,716,506
+276,379
| +19% | +$5.63M |
|
1107
Carnival Corporation Ltd
CCL
$34.2B
| $31.2M | ﹤0.01% |
1,599,541
-787,546
| -33% | -$18.7M |
|
1108
Resideo Technologies
REZI
$3.03B
| $31.2M | ﹤0.01% |
1,761,219
| – | – |
|
1109
Madrigal Pharmaceuticals
MDGL
$12.6B
| $31.1M | ﹤0.01% |
93,997
-21,095
| -18% | -$6.93M |
|
1110
PENN Entertainment
PENN
$2.33B
| $31M | ﹤0.01% |
1,901,770
+494,050
| +35% | +$9.66M |
|
1111
Life Time Group Holdings
LTH
$9.91B
| $30.9M | ﹤0.01% |
1,024,158
+156,261
| +18% | +$4.59M |
|
1112
Howard Hughes
HHH
$3.88B
| $30.9M | ﹤0.01% |
417,213
+36,470
| +10% | +$2.75M |
|
1113
Hyatt Hotels
H
$16.3B
| $30.8M | ﹤0.01% |
251,379
-140,849
| -36% | -$20.3M |
|
1114
Unifirst Corp
UNF
$5.17B
| $30.8M | ﹤0.01% |
176,888
-5,080
| -3% | -$1.06M |
|
1115
Blackbaud
BLKB
$2.2B
| $30.4M | ﹤0.01% |
490,621
+28,396
| +6% | +$2.02M |
|
|
SOBO
1116
South Bow Corp
SOBO
$7.78B
| $30.2M | ﹤0.01% |
1,182,384
+313,096
| +36% | +$7.83M |
|
1117
Cabot Corp
CBT
$4.37B
| $30.1M | ﹤0.01% |
362,241
-53,500
| -13% | -$4.61M |
|
1118
RH
RH
$2.74B
| $30M | ﹤0.01% |
128,107
-9,890
| -7% | -$3.42M |
|
1119
Bank of Hawaii
BOH
$3.05B
| $30M | ﹤0.01% |
435,020
+49,070
| +13% | +$3.49M |
|
1120
Independent Bank
INDB
$3.9B
| $29.8M | ﹤0.01% |
475,641
+26,812
| +6% | +$1.76M |
|
1121
Cohen & Steers
CNS
$4.25B
| $29.7M | ﹤0.01% |
370,004
| – | – |
|
1122
Valley National Bancorp
VLY
$7.71B
| $29.6M | ﹤0.01% |
3,333,707
-142,010
| -4% | -$1.34M |
|
1123
ICU Medical
ICUI
$4.38B
| $29.5M | ﹤0.01% |
212,479
-46,279
| -18% | -$7.18M |
|
1124
Yeti Holdings
YETI
$3.05B
| $28.7M | ﹤0.01% |
866,413
-88,617
| -9% | -$3.21M |
|
1125
Valaris
VAL
$5.93B
| $28.4M | ﹤0.01% |
722,172
| – | – |
|
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.