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 |
Microsoft
MSFT
|
+$1.37B |
| 2 |
Broadcom
AVGO
|
+$1.13B |
| 3 |
Bank of America
BAC
|
+$880M |
| 4 |
Amazon
AMZN
|
+$755M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$744M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$1.2B |
| 2 |
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
|
+$822M |
| 3 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$542M |
| 4 |
Kenvue
KVUE
|
+$514M |
| 5 |
RTX Corp
RTX
|
+$501M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.35% |
| 2 | Financials | 13.96% |
| 3 | Healthcare | 11.94% |
| 4 | Consumer Discretionary | 11.37% |
| 5 | Communication Services | 8.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1176
Shift4
FOUR
$4.41B
| $26.9M | ﹤0.01% |
362,320
+152,141
| +72% | +$9.07M |
|
1177
Fortrea Holdings
FTRE
$1.71B
| $26.9M | ﹤0.01% |
771,140
-245,407
| -24% | -$7.5M |
|
1178
Leggett & Platt
LEG
$1.43B
| $26.8M | ﹤0.01% |
1,024,590
+29,778
| +3% | +$730K |
|
1179
Remitly
RELY
$5.19B
| $26.8M | ﹤0.01% |
1,380,101
+91,899
| +7% | +$2.06M |
|
1180
Celestica
CLS
$42.7B
| $26.8M | ﹤0.01% |
913,462
-406,624
| -31% | -$10.8M |
|
1181
First Interstate BancSystem
FIBK
$3.73B
| $26.6M | ﹤0.01% |
864,509
+191,526
| +28% | +$4.98M |
|
1182
iRhythm Holdings
IRTC
$4.18B
| $26.5M | ﹤0.01% |
247,776
-324,659
| -57% | -$28.3M |
|
1183
Calix
CALX
$2.49B
| $26.5M | ﹤0.01% |
606,152
+52,989
| +10% | +$2.12M |
|
1184
Douglas Emmett
DEI
$2B
| $26.5M | ﹤0.01% |
1,825,325
+54,924
| +3% | +$697K |
|
1185
IonQ
IONQ
$15.6B
| $26.4M | ﹤0.01% |
2,133,197
+1,352,702
| +173% | +$17.4M |
|
1186
Howard Hughes
HHH
$3.91B
| $26.4M | ﹤0.01% |
323,335
-73,552
| -19% | -$5.16M |
|
1187
Organon & Co
OGN
$3.56B
| $26.3M | ﹤0.01% |
1,825,307
+96,500
| +6% | +$1.31M |
|
1188
CNO Financial Group
CNO
$5.14B
| $26.3M | ﹤0.01% |
942,468
-64,942
| -6% | -$1.64M |
|
|
PDCO
1189
DELISTED
Patterson Companies, Inc.
PDCO
| $26.2M | ﹤0.01% |
919,584
+9,858
| +1% | +$290K |
|
|
GRFS
1190
Grifois
GRFS
$5.49B
| $26.1M | ﹤0.01% |
2,260,944
| – | – |
|
1191
LivaNova
LIVN
$4.69B
| $26.1M | ﹤0.01% |
503,742
-14,719
| -3% | -$712K |
|
1192
Flowers Foods
FLO
$1.55B
| $26M | ﹤0.01% |
1,155,752
+221,324
| +24% | +$4.77M |
|
1193
Lightspeed Commerce
LSPD
$1.35B
| $26M | ﹤0.01% |
1,238,131
-354,452
| -22% | -$5.61M |
|
1194
Innospec
IOSP
$2.14B
| $25.9M | ﹤0.01% |
210,359
+28,048
| +15% | +$2.99M |
|
1195
Surgery Partners
SGRY
$2.05B
| $25.8M | ﹤0.01% |
805,396
+104,328
| +15% | +$3.03M |
|
1196
Ormat Technologies
ORA
$6.15B
| $25.7M | ﹤0.01% |
339,216
-138,003
| -29% | -$9.37M |
|
|
MPT
1197
Medical Properties Trust
MPT
$2.78B
| $25.7M | ﹤0.01% |
5,225,013
-915,502
| -15% | -$4.48M |
|
1198
Stride
LRN
$3.42B
| $25.6M | ﹤0.01% |
431,100
| – | – |
|
1199
Guardant Health
GH
$21.4B
| $25.5M | ﹤0.01% |
943,433
+259,147
| +38% | +$6.8M |
|
1200
National Health Investors
NHI
$3.61B
| $25.4M | ﹤0.01% |
455,654
+11,921
| +3% | +$631K |
|
Similar funds
Norges Bank's Q4 2023 Portfolio in Review
As of Q4 2023, Norges Bank held 2,039 positions worth $572B, up 16% from $493B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Norges Bank deployed $18.4B of net new capital in Q4 2023, opening 73 new positions and adding to 987 existing holdings. Its largest new stake was Veralto: 3,235,391 shares worth $266M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 27% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Kenvue, an estimated $514M trimmed.
- Norges Bank's largest Q4 2023 buy was Veralto: 3,235,391 shares worth $266M.
- Norges Bank added most to Microsoft in Q4 2023, an estimated $1.37B increase.
- Norges Bank's biggest Q4 2023 reduction was Kenvue, cutting an estimated $514M.
- Norges Bank fully exited Activision Blizzard in Q4 2023, selling an estimated $1.2B.
- Norges Bank's ten largest holdings make up 27% of its $572B portfolio in Q4 2023.
- Norges Bank opened 73 new positions and closed 97 in Q4 2023.
- Norges Bank's portfolio value rose 16% quarter-over-quarter to $572B.
Based on Norges Bank's 13F filing for Q4 2023, filed 9 Feb 2024.