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 | |
|---|---|---|---|---|---|---|
|
GLXY
1151
Galaxy Digital Inc
GLXY
$4.91B
| $32M | ﹤0.01% |
+1,431,241
| New | +$44.3M |
|
1152
Gen Digital
GEN
$18.3B
| $32M | ﹤0.01% |
+1,176,561
| New | +$31.7M |
|
1153
Whirlpool
WHR
$2.59B
| $32M | ﹤0.01% |
+443,013
| New | +$32.7M |
|
1154
Howard Hughes
HHH
$3.88B
| $32M | ﹤0.01% |
+400,617
| New | +$33.2M |
|
1155
Pegasystems
PEGA
$5.9B
| $31.9M | ﹤0.01% |
+534,244
| New | +$31.3M |
|
1156
Freshworks
FRSH
$3.57B
| $31.9M | ﹤0.01% |
+2,601,917
| New | +$30.7M |
|
1157
FormFactor
FORM
$8.61B
| $31.5M | ﹤0.01% |
+563,841
| New | +$28.4M |
|
|
GTM
1158
ZoomInfo Technologies
GTM
$1.19B
| $31.4M | ﹤0.01% |
+3,090,263
| New | +$31.8M |
|
|
SFD
1159
Smithfield Foods
SFD
$8.71B
| $31.3M | ﹤0.01% |
+1,401,313
| New | +$30.8M |
|
1160
Silgan Holdings
SLGN
$4.42B
| $30.8M | ﹤0.01% |
+763,275
| New | +$31M |
|
1161
Qfin Holdings
QFIN
$1.11B
| $30.4M | ﹤0.01% |
+1,579,428
| New | +$35.5M |
|
|
LGN
1162
Legence Corp
LGN
$4.43B
| $30.3M | ﹤0.01% |
+705,000
| New | +$27.9M |
|
1163
Cohen & Steers
CNS
$4.25B
| $30.2M | ﹤0.01% |
+481,557
| New | +$31.3M |
|
|
APLS
1164
DELISTED
Apellis Pharmaceuticals
APLS
| $30.1M | ﹤0.01% |
+1,198,444
| New | +$28.1M |
|
1165
Crane NXT
CXT
$2.86B
| $30.1M | ﹤0.01% |
+638,561
| New | +$37.7M |
|
1166
Blackbaud
BLKB
$2.2B
| $29.8M | ﹤0.01% |
+471,351
| New | +$29.2M |
|
1167
Royal Gold
RGLD
$22.8B
| $29.8M | ﹤0.01% |
+134,071
| New | +$26.6M |
|
1168
ATS Corp
ATS
$1.9B
| $29.7M | ﹤0.01% |
+1,079,090
| New | +$28.8M |
|
1169
Clear Secure
YOU
$4.54B
| $29.5M | ﹤0.01% |
+840,944
| New | +$28.6M |
|
1170
QuantumScape Corp
QS
$3.63B
| $29.3M | ﹤0.01% |
+2,813,895
| New | +$38.8M |
|
1171
Academy Sports + Outdoors
ASO
$2.64B
| $29.3M | ﹤0.01% |
+586,485
| New | +$29.1M |
|
1172
CorVel
CRVL
$3.51B
| $29.3M | ﹤0.01% |
+432,251
| New | +$31.3M |
|
1173
Garrett Motion
GTX
$5.12B
| $29.2M | ﹤0.01% |
+1,677,371
| New | +$26.7M |
|
1174
Qualys
QLYS
$6.52B
| $29.2M | ﹤0.01% |
+219,395
| New | +$30.2M |
|
1175
Ultragenyx Pharmaceutical
RARE
$2.59B
| $29M | ﹤0.01% |
+1,261,026
| New | +$41.5M |
|
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.