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 |
Alphabet (Google) Class A
GOOGL
|
+$1.31B |
| 2 |
Visa
V
|
+$778M |
| 3 |
SCHW
Charles Schwab
SCHW
|
+$528M |
| 4 |
Fortinet
FTNT
|
+$418M |
| 5 |
Prologis
PLD
|
+$340M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$2.06B |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$1.83B |
| 3 |
NVIDIA
NVDA
|
+$1.56B |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.47B |
| 5 |
UBS Group
UBS
|
+$1.44B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.04% |
| 2 | Financials | 15.62% |
| 3 | Healthcare | 11.22% |
| 4 | Consumer Discretionary | 10.85% |
| 5 | Communication Services | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1176
Arrowhead Research
ARWR
$12.5B
| $23M | ﹤0.01% |
1,802,584
-251,780
| -12% | -$4.58M |
|
1177
First Interstate BancSystem
FIBK
$3.55B
| $22.9M | ﹤0.01% |
799,941
+56,593
| +8% | +$1.75M |
|
1178
Spectrum Brands
SPB
$2.04B
| $22.9M | ﹤0.01% |
320,133
+236,548
| +283% | +$18.6M |
|
|
ARES.PRB
1179
Ares Management Corp 6.75% Series B Preferred Stock
ARES.PRB
$1.36B
| $22.9M | ﹤0.01% |
475,000
-125,000
| -21% | -$6.79M |
|
1180
Gen Digital
GEN
$18.3B
| $22.7M | ﹤0.01% |
856,845
-409,176
| -32% | -$11.2M |
|
1181
NOV
NOV
$7.4B
| $22.7M | ﹤0.01% |
1,492,752
+945,582
| +173% | +$14.1M |
|
1182
CareTrust REIT
CTRE
$9.3B
| $22.7M | ﹤0.01% |
794,800
-431,826
| -35% | -$11.6M |
|
1183
Granite Construction
GVA
$5.54B
| $22.7M | ﹤0.01% |
300,701
-62,479
| -17% | -$5.22M |
|
|
PYCR
1184
DELISTED
Paycor HCM, Inc. Common Stock
PYCR
| $22.3M | ﹤0.01% |
995,421
| – | – |
|
1185
Clearway Energy Class C
CWEN
$6.65B
| $22.1M | ﹤0.01% |
731,621
+40,437
| +6% | +$1.1M |
|
1186
Pilgrim's Pride
PPC
$7.41B
| $22.1M | ﹤0.01% |
405,740
+233,127
| +135% | +$11.7M |
|
1187
Doximity
DOCS
$4.56B
| $22M | ﹤0.01% |
379,646
+297,835
| +364% | +$18.8M |
|
1188
Biohaven
BHVN
$2.43B
| $21.7M | ﹤0.01% |
902,565
| – | – |
|
1189
Zscaler
ZS
$30.3B
| $21.6M | ﹤0.01% |
109,020
-69,230
| -39% | -$13.8M |
|
1190
Terex
TEX
$7.38B
| $21.6M | ﹤0.01% |
572,259
-185,000
| -24% | -$8.08M |
|
1191
Barclays
BCS
$90.3B
| $21.5M | ﹤0.01% |
1,400,000
| – | – |
|
1192
Clarivate
CLVT
$1.3B
| $21.5M | ﹤0.01% |
5,465,368
| – | – |
|
1193
Western Union
WU
$2.25B
| $21.3M | ﹤0.01% |
2,008,674
-159,594
| -7% | -$1.69M |
|
1194
GXO Logistics
GXO
$5.5B
| $21.2M | ﹤0.01% |
542,230
-728,253
| -57% | -$30.4M |
|
1195
Super Micro Computer
SMCI
$24.9B
| $21.1M | ﹤0.01% |
615,161
+270,226
| +78% | +$10.3M |
|
1196
American Healthcare REIT
AHR
$12.3B
| $20.7M | ﹤0.01% |
683,950
+3,473
| +0.5% | +$100K |
|
|
EXAS
1197
DELISTED
Exact Sciences
EXAS
| $20.6M | ﹤0.01% |
475,119
-425,842
| -47% | -$21.6M |
|
1198
nCino
NCNO
$2.47B
| $20.5M | ﹤0.01% |
746,250
-125,347
| -14% | -$3.97M |
|
1199
BHP
BHP
$245B
| $20.5M | ﹤0.01% |
421,334
| – | – |
|
1200
DigitalOcean
DOCN
$14.3B
| $20.1M | ﹤0.01% |
603,280
+169,704
| +39% | +$6.63M |
|
Similar funds
Norges Bank's Q1 2025 Portfolio in Review
As of Q1 2025, Norges Bank held 1,892 positions worth $712B, down 6.5% from $762B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Norges Bank's Q1 2025 filing shows 47 new, 694 increased, 865 reduced and 149 closed positions. Its largest new stake was Rocket Lab Corp: 4,017,216 shares worth $71.8M. The largest sale was Microsoft, an estimated $2.06B.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 31% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2025 buy was Rocket Lab Corp: 4,017,216 shares worth $71.8M.
- Norges Bank added most to Alphabet (Google) Class A in Q1 2025, an estimated $1.31B increase.
- Norges Bank's biggest Q1 2025 reduction was Microsoft, cutting an estimated $2.06B.
- Norges Bank fully exited HashiCorp, Inc. Class A Common Stock in Q1 2025, selling an estimated $161M.
- Norges Bank's ten largest holdings make up 30% of its $712B portfolio in Q1 2025.
- Norges Bank opened 47 new positions and closed 149 in Q1 2025.
- Norges Bank's portfolio value fell 6.5% quarter-over-quarter to $712B.
Based on Norges Bank's 13F filing for Q1 2025, filed 13 May 2025.