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 |
Linde
LIN
|
+$2.66B |
| 2 |
Cigna
CI
|
+$285M |
| 3 |
Boston Properties
BXP
|
+$242M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$242M |
| 5 |
Aptiv
APTV
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$646M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$543M |
| 3 |
PX
Praxair Inc
PX
|
+$305M |
| 4 |
COL
Rockwell Collins
COL
|
+$240M |
| 5 |
ANDV
Andeavor
ANDV
|
+$222M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 16.89% |
| 3 | Healthcare | 14.43% |
| 4 | Consumer Discretionary | 11.2% |
| 5 | Communication Services | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1201
Simpson Manufacturing
SSD
$7.72B
| $26.4M | 0.01% |
487,864
+29,164
| +6% | +$1.71M |
|
1202
PENN Entertainment
PENN
$2.75B
| $26.4M | 0.01% |
1,399,359
+275,131
| +24% | +$6.54M |
|
1203
FirstService
FSV
$6.48B
| $26.3M | 0.01% |
383,577
+26,662
| +7% | +$1.99M |
|
|
ERF
1204
DELISTED
Enerplus Corporation
ERF
| $26.3M | 0.01% |
3,378,179
+314,326
| +10% | +$3.06M |
|
1205
Core Laboratories
CLB
$488M
| $26.3M | 0.01% |
440,012
| – | – |
|
1206
Zurn Elkay Water Solutions
ZWS
$8.38B
| $26.2M | 0.01% |
2,370,836
+13,386
| +0.6% | +$174K |
|
1207
AMN Healthcare
AMN
$1.3B
| $26.2M | 0.01% |
461,633
| – | – |
|
|
SFLY
1208
DELISTED
Shutterfly, Inc.
SFLY
| $26.1M | 0.01% |
649,243
+40,000
| +7% | +$2.1M |
|
|
LM
1209
DELISTED
Legg Mason, Inc.
LM
| $26.1M | 0.01% |
1,022,089
-211,652
| -17% | -$5.93M |
|
1210
Terreno Realty
TRNO
$7.57B
| $26M | 0.01% |
739,810
+102,775
| +16% | +$3.84M |
|
1211
Element Solutions
ESI
$8.95B
| $26M | 0.01% |
2,517,326
| – | – |
|
|
FNSR
1212
DELISTED
Finisar Corp
FNSR
| $25.9M | 0.01% |
1,201,137
+423,728
| +55% | +$8.43M |
|
|
POLY
1213
DELISTED
Plantronics, Inc.
POLY
| $25.9M | 0.01% |
783,493
| – | – |
|
1214
White Mountains Insurance
WTM
$5.2B
| $25.9M | 0.01% |
30,219
+1,105
| +4% | +$985K |
|
1215
Murphy USA
MUSA
$11.2B
| $25.9M | 0.01% |
337,905
| – | – |
|
|
PDM
1216
Piedmont Realty Trust
PDM
$1.21B
| $25.9M | 0.01% |
1,518,743
| – | – |
|
|
GSKY
1217
DELISTED
GreenSky, Inc. Class A Common Stock
GSKY
| $25.9M | 0.01% |
2,703,721
| – | – |
|
|
ENV
1218
DELISTED
ENVESTNET, INC.
ENV
| $25.9M | 0.01% |
525,523
| – | – |
|
1219
Cathay General Bancorp
CATY
$4.22B
| $25.8M | 0.01% |
770,659
+76,845
| +11% | +$2.91M |
|
1220
Q2 Holdings
QTWO
$3.8B
| $25.8M | 0.01% |
521,061
+342,010
| +191% | +$17.5M |
|
|
AXE
1221
DELISTED
Anixter International Inc
AXE
| $25.8M | 0.01% |
475,149
+15,895
| +3% | +$1M |
|
|
ARI
1222
Apollo Commercial Real Estate
ARI
$867M
| $25.8M | 0.01% |
1,548,508
+160,227
| +12% | +$2.96M |
|
1223
BOK Financial
BOKF
$8.58B
| $25.8M | 0.01% |
351,207
+55,880
| +19% | +$4.74M |
|
|
SWI
1224
DELISTED
SolarWinds Corporation Common Stock
SWI
| $25.7M | 0.01% |
+1,763,933
| New | +$27.7M |
|
1225
Abercrombie & Fitch
ANF
$4.42B
| $25.7M | 0.01% |
1,282,683
-88,449
| -6% | -$1.66M |
|
Similar funds
Norges Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
- Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
- Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
- Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
- Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
- Norges Bank opened 36 new positions and closed 54 in Q4 2018.
- Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.
Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.