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 | |
|---|---|---|---|---|---|---|
1151
Zscaler
ZS
$30.3B
| $26M | ﹤0.01% |
82,868
-26,152
| -24% | -$6.52M |
|
1152
Patterson-UTI
PTEN
$4.68B
| $26M | ﹤0.01% |
4,382,344
-1,958,898
| -31% | -$11.8M |
|
1153
Howard Hughes
HHH
$3.88B
| $26M | ﹤0.01% |
384,453
-32,760
| -8% | -$2.24M |
|
1154
Synaptics
SYNA
$3.82B
| $25.9M | ﹤0.01% |
399,194
+10,748
| +3% | +$632K |
|
1155
HF Sinclair
DINO
$17.2B
| $25.5M | ﹤0.01% |
621,504
-480,832
| -44% | -$16.6M |
|
1156
American Healthcare REIT
AHR
$12.3B
| $25.3M | ﹤0.01% |
688,357
+4,407
| +0.6% | +$146K |
|
1157
Freshworks
FRSH
$3.57B
| $25.1M | ﹤0.01% |
1,684,318
-831,600
| -33% | -$12M |
|
1158
Hubbell
HUBB
$24.8B
| $25.1M | ﹤0.01% |
61,415
-9,183
| -13% | -$3.4M |
|
1159
Terex
TEX
$7.38B
| $24.9M | ﹤0.01% |
532,659
-39,600
| -7% | -$1.66M |
|
1160
Triple Flag Precious Metals
TFPM
$7.21B
| $24.8M | ﹤0.01% |
1,045,888
| – | – |
|
1161
Granite Construction
GVA
$5.54B
| $24.8M | ﹤0.01% |
265,341
-35,360
| -12% | -$2.98M |
|
1162
BOK Financial
BOKF
$8.4B
| $24.8M | ﹤0.01% |
253,651
| – | – |
|
1163
Guidewire Software
GWRE
$16.7B
| $24.7M | ﹤0.01% |
104,741
+51,704
| +97% | +$11.1M |
|
1164
PBF Energy
PBF
$8.13B
| $24.6M | ﹤0.01% |
1,135,151
+94,153
| +9% | +$1.79M |
|
1165
Braze
BRZE
$3.84B
| $24.5M | ﹤0.01% |
870,696
-101,029
| -10% | -$3.19M |
|
1166
Lennar Class B
LEN.B
$20.1B
| $24.2M | ﹤0.01% |
230,042
| – | – |
|
|
CHYM
1167
Chime Financial
CHYM
$12.6B
| $24.2M | ﹤0.01% |
+700,000
| New | +$23.1M |
|
1168
Columbia Banking Systems
COLB
$8.68B
| $23.8M | ﹤0.01% |
1,018,534
-1,212,088
| -54% | -$28.1M |
|
1169
Timken Company
TKR
$8.63B
| $23.7M | ﹤0.01% |
326,788
-135,400
| -29% | -$9.21M |
|
1170
DoubleVerify
DV
$2.07B
| $23.6M | ﹤0.01% |
1,579,187
-188,465
| -11% | -$2.58M |
|
1171
Concentrix
CNXC
$1.72B
| $23.3M | ﹤0.01% |
441,178
+27,031
| +7% | +$1.43M |
|
1172
Hilton Grand Vacations
HGV
$3.41B
| $23.2M | ﹤0.01% |
557,737
-76,669
| -12% | -$2.89M |
|
1173
Illumina
ILMN
$34.4B
| $22.9M | ﹤0.01% |
239,640
+164,483
| +219% | +$13.3M |
|
1174
DigitalOcean
DOCN
$14.3B
| $22.6M | ﹤0.01% |
792,480
+189,200
| +31% | +$5.52M |
|
|
NSA
1175
DELISTED
National Storage Affiliates Trust
NSA
| $22M | ﹤0.01% |
687,427
-17,836
| -3% | -$623K |
|
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.