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 | |
|---|---|---|---|---|---|---|
1126
Zillow
Z
$7.97B
| $29.2M | ﹤0.01% |
416,476
+221,548
| +114% | +$14.9M |
|
1127
Goodyear
GT
$1.77B
| $29.1M | ﹤0.01% |
2,807,362
-600,077
| -18% | -$6.35M |
|
1128
RH
RH
$2.74B
| $29.1M | ﹤0.01% |
153,868
+25,761
| +20% | +$4.78M |
|
1129
First Interstate BancSystem
FIBK
$3.55B
| $29.1M | ﹤0.01% |
1,009,091
+209,150
| +26% | +$5.64M |
|
1130
ScottsMiracle-Gro
SMG
$3.53B
| $28.8M | ﹤0.01% |
436,425
-49,961
| -10% | -$2.89M |
|
1131
Alight
ALIT
$379M
| $28.6M | ﹤0.01% |
252,613
-64,271
| -20% | -$6.88M |
|
|
NUVL
1132
DELISTED
Nuvalent
NUVL
| $28.6M | ﹤0.01% |
374,597
+242,979
| +185% | +$17.8M |
|
1133
CVB Financial
CVBF
$3.92B
| $28.3M | ﹤0.01% |
1,431,021
| – | – |
|
|
RNAM
1134
DELISTED
Avidity Biosciences
RNAM
| $28.3M | ﹤0.01% |
995,118
+156,900
| +19% | +$4.68M |
|
1135
Brunswick
BC
$5.03B
| $28M | ﹤0.01% |
506,698
-182,516
| -26% | -$9.22M |
|
1136
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$5.17B
| $28M | ﹤0.01% |
1,041,671
+118,603
| +13% | +$3.07M |
|
1137
Marriott Vacations Worldwide
VAC
$3.83B
| $28M | ﹤0.01% |
386,821
+22,572
| +6% | +$1.42M |
|
1138
Cohen & Steers
CNS
$4.25B
| $27.9M | ﹤0.01% |
370,004
| – | – |
|
1139
Olin
OLN
$1.97B
| $27.8M | ﹤0.01% |
1,385,917
-51,378
| -4% | -$1.07M |
|
1140
Atour Lifestyle Holdings
ATAT
$4.72B
| $27.6M | ﹤0.01% |
849,806
-722,051
| -46% | -$20.5M |
|
1141
Delta Air Lines
DAL
$53.4B
| $27.4M | ﹤0.01% |
556,133
-838,909
| -60% | -$38.5M |
|
|
MRX
1142
Marex Group Limited Ordinary Shares
MRX
$5.13B
| $27.1M | ﹤0.01% |
687,000
+637,000
| +1,274% | +$26.5M |
|
1143
Genworth Financial
GNW
$3.75B
| $27M | ﹤0.01% |
3,469,411
+1,252,060
| +56% | +$8.75M |
|
1144
Insperity
NSP
$1.98B
| $27M | ﹤0.01% |
448,432
+11,200
| +3% | +$783K |
|
1145
Clearway Energy Class C
CWEN
$6.65B
| $26.9M | ﹤0.01% |
840,514
+108,893
| +15% | +$3.25M |
|
1146
Surgery Partners
SGRY
$1.82B
| $26.6M | ﹤0.01% |
1,196,983
+479,944
| +67% | +$10.7M |
|
1147
GXO Logistics
GXO
$5.5B
| $26.3M | ﹤0.01% |
539,971
-2,259
| -0.4% | -$90K |
|
|
SOBO
1148
South Bow Corp
SOBO
$7.78B
| $26.2M | ﹤0.01% |
1,010,469
-171,915
| -15% | -$4.37M |
|
1149
nCino
NCNO
$2.47B
| $26.2M | ﹤0.01% |
936,897
+190,647
| +26% | +$4.76M |
|
|
EFOR
1150
Everforth Inc
EFOR
$1.3B
| $26.1M | ﹤0.01% |
523,679
| – | – |
|
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.