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 | |
|---|---|---|---|---|---|---|
1176
Huntsman Corp
HUN
$1.69B
| $21.7M | ﹤0.01% |
2,077,866
| – | – |
|
1177
Harley-Davidson
HOG
$2.9B
| $21.6M | ﹤0.01% |
915,532
-169,843
| -16% | -$4.03M |
|
1178
Gen Digital
GEN
$18.3B
| $21.5M | ﹤0.01% |
730,853
-125,992
| -15% | -$3.44M |
|
1179
Alaska Air
ALK
$4.71B
| $21.5M | ﹤0.01% |
434,211
-67,766
| -13% | -$3.29M |
|
|
LBRDA
1180
DELISTED
Liberty Broadband Class A
LBRDA
| $21.1M | ﹤0.01% |
215,586
| – | – |
|
1181
TORM
TRMD
$3.26B
| $21M | ﹤0.01% |
1,245,660
+60,685
| +5% | +$1.01M |
|
1182
Acushnet Holdings
GOLF
$4.96B
| $21M | ﹤0.01% |
287,876
+176,348
| +158% | +$11.9M |
|
|
HSAI
1183
Hesai Group
HSAI
$2.75B
| $20.6M | ﹤0.01% |
939,350
+476,939
| +103% | +$8.4M |
|
1184
Floor & Decor
FND
$5.68B
| $20.5M | ﹤0.01% |
269,429
+33,198
| +14% | +$2.47M |
|
1185
BHP
BHP
$245B
| $20.3M | ﹤0.01% |
421,334
| – | – |
|
1186
Newell Brands
NWL
$2.5B
| $20.2M | ﹤0.01% |
3,740,079
+603,584
| +19% | +$3.2M |
|
1187
Kyndryl
KD
$2.89B
| $19.9M | ﹤0.01% |
474,437
+60,489
| +15% | +$2.19M |
|
1188
BlackLine
BL
$1.96B
| $19.8M | ﹤0.01% |
350,231
+267,679
| +324% | +$13.8M |
|
1189
Organon & Co
OGN
$3.61B
| $19.8M | ﹤0.01% |
2,043,153
+1,079,420
| +112% | +$11.1M |
|
1190
CRISPR Therapeutics
CRSP
$5.74B
| $19.8M | ﹤0.01% |
406,487
-49,573
| -11% | -$1.92M |
|
1191
Middleby
MIDD
$5.14B
| $19.3M | ﹤0.01% |
133,926
-29,814
| -18% | -$4.2M |
|
1192
Clarivate
CLVT
$1.3B
| $19.3M | ﹤0.01% |
4,481,984
-983,384
| -18% | -$3.96M |
|
1193
FMC
FMC
$1.33B
| $19.2M | ﹤0.01% |
460,887
-841,745
| -65% | -$33.4M |
|
1194
Tarsus Pharmaceuticals
TARS
$3.16B
| $19.1M | ﹤0.01% |
471,354
+80,293
| +21% | +$3.61M |
|
1195
Wendy's
WEN
$1.49B
| $18.9M | ﹤0.01% |
1,657,531
-214,485
| -11% | -$2.62M |
|
1196
Under Armour Class C
UA
$2.13B
| $18.9M | ﹤0.01% |
2,915,328
+410,259
| +16% | +$2.42M |
|
1197
iQIYI
IQ
$892M
| $18.5M | ﹤0.01% |
10,478,846
+6,142,293
| +142% | +$11M |
|
|
FOLD
1198
DELISTED
Amicus Therapeutics
FOLD
| $18.5M | ﹤0.01% |
3,235,538
| – | – |
|
1199
GDS Holdings
GDS
$6.71B
| $18.3M | ﹤0.01% |
+600,000
| New | +$15.2M |
|
1200
Pilgrim's Pride
PPC
$7.41B
| $18.2M | ﹤0.01% |
405,318
-422
| -0.1% | -$20.7K |
|
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.