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 | |
|---|---|---|---|---|---|---|
1126
Bio-Rad Laboratories Class A
BIO
$10.4B
| $34.6M | ﹤0.01% |
+114,194
| New | +$35.6M |
|
1127
Euronet Worldwide
EEFT
$2.56B
| $34.3M | ﹤0.01% |
+451,250
| New | +$35.2M |
|
1128
PBF Energy
PBF
$8.13B
| $34.2M | ﹤0.01% |
+1,262,651
| New | +$40.4M |
|
|
NAVN
1129
Navan Inc
NAVN
$7.78B
| $34.2M | ﹤0.01% |
+2,000,000
| New | +$31.8M |
|
1130
Etsy
ETSY
$7.61B
| $33.9M | ﹤0.01% |
+611,520
| New | +$37.3M |
|
1131
Robert Half
RHI
$4.6B
| $33.8M | ﹤0.01% |
+1,245,653
| New | +$35.6M |
|
1132
Terex
TEX
$7.38B
| $33.8M | ﹤0.01% |
+633,722
| New | +$32M |
|
|
CNH
1133
CNH Industrial
CNH
$18.4B
| $33.7M | ﹤0.01% |
+3,655,662
| New | +$36.5M |
|
1134
Eastern Bankshares
EBC
$5.12B
| $33.5M | ﹤0.01% |
+1,820,287
| New | +$33.3M |
|
1135
Cooper Companies
COO
$13.8B
| $33.2M | ﹤0.01% |
+405,246
| New | +$30.3M |
|
1136
American Airlines Group
AAL
$9.08B
| $33.2M | ﹤0.01% |
+2,165,580
| New | +$29.2M |
|
1137
Penumbra
PEN
$12.6B
| $33M | ﹤0.01% |
+106,271
| New | +$29.4M |
|
1138
Hilton Grand Vacations
HGV
$3.41B
| $32.9M | ﹤0.01% |
+734,537
| New | +$31.2M |
|
1139
ABM Industries
ABM
$2.76B
| $32.9M | ﹤0.01% |
+776,604
| New | +$34.1M |
|
1140
BOK Financial
BOKF
$8.4B
| $32.8M | ﹤0.01% |
+276,507
| New | +$31M |
|
1141
Knife River
KNF
$3.78B
| $32.8M | ﹤0.01% |
+465,569
| New | +$32.7M |
|
|
FIGR
1142
Figure Technology Solutions
FIGR
$8.53B
| $32.7M | ﹤0.01% |
+800,000
| New | +$32M |
|
1143
ScottsMiracle-Gro
SMG
$3.53B
| $32.6M | ﹤0.01% |
+558,604
| New | +$31.3M |
|
1144
Elanco Animal Health
ELAN
$12.2B
| $32.4M | ﹤0.01% |
+1,432,394
| New | +$31.2M |
|
1145
Installed Building Products
IBP
$6.4B
| $32.4M | ﹤0.01% |
+124,752
| New | +$32.3M |
|
1146
Intapp
INTA
$3.34B
| $32.3M | ﹤0.01% |
+704,977
| New | +$29.2M |
|
1147
Joby Aviation
JOBY
$7.07B
| $32.3M | ﹤0.01% |
+2,444,645
| New | +$37.5M |
|
1148
RadNet
RDNT
$5.93B
| $32.2M | ﹤0.01% |
+450,721
| New | +$34.8M |
|
1149
Penske Automotive Group
PAG
$14.3B
| $32.1M | ﹤0.01% |
+203,026
| New | +$33.4M |
|
1150
Aurora
AUR
$11.4B
| $32.1M | ﹤0.01% |
+8,347,714
| New | +$38.2M |
|
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.