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
|
+$4.27B |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$2.85B |
| 3 |
Microsoft
MSFT
|
+$2.65B |
| 4 |
Meta Platforms (Facebook)
META
|
+$2.37B |
| 5 |
Broadcom
AVGO
|
+$1.63B |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$570M |
| 2 |
Bank of America
BAC
|
+$486M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$438M |
| 4 |
Alibaba
BABA
|
+$361M |
| 5 |
IBM
IBM
|
+$336M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.05% |
| 2 | Financials | 14.2% |
| 3 | Consumer Discretionary | 11.56% |
| 4 | Healthcare | 10.01% |
| 5 | Communication Services | 9.71% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1201
Arvinas
ARVN
$581M
| $23.8M | ﹤0.01% |
1,243,868
-79,565
| -6% | -$1.93M |
|
1202
Relay Therapeutics
RLAY
$4.26B
| $23.8M | ﹤0.01% |
5,781,878
-135,637
| -2% | -$738K |
|
1203
Telephone and Data Systems
TDS
$4.07B
| $23.8M | ﹤0.01% |
697,035
+318,011
| +84% | +$9.68M |
|
1204
Bread Financial
BFH
$4.54B
| $23.7M | ﹤0.01% |
388,792
-222,702
| -36% | -$12.6M |
|
1205
Douglas Emmett
DEI
$2B
| $23.5M | ﹤0.01% |
1,267,580
+580,755
| +85% | +$10.8M |
|
1206
BOK Financial
BOKF
$8.79B
| $23.5M | ﹤0.01% |
220,915
+35,800
| +19% | +$4M |
|
1207
Recursion Pharmaceuticals
RXRX
$1.76B
| $23.4M | ﹤0.01% |
3,465,875
-106,681
| -3% | -$717K |
|
1208
Omnicom Group
OMC
$22.4B
| $23.2M | ﹤0.01% |
269,215
-102,289
| -28% | -$10.1M |
|
1209
Western Union
WU
$2.28B
| $23M | ﹤0.01% |
2,168,268
+159,594
| +8% | +$1.77M |
|
1210
Transmedics
TMDX
$2.79B
| $22.9M | ﹤0.01% |
366,661
+8,581
| +2% | +$799K |
|
1211
StoneCo
STNE
$2.73B
| $22.6M | ﹤0.01% |
2,840,900
| – | – |
|
1212
Primoris Services
PRIM
$4.93B
| $22.6M | ﹤0.01% |
296,288
+88,874
| +43% | +$6.49M |
|
1213
Innovative Industrial Properties
IIPR
$1.75B
| $22.6M | ﹤0.01% |
339,661
+3,781
| +1% | +$426K |
|
1214
Dyne Therapeutics
DYN
$4.85B
| $22.4M | ﹤0.01% |
950,104
+517,777
| +120% | +$15.3M |
|
1215
Tanger
SKT
$4.68B
| $22.2M | ﹤0.01% |
651,611
+162,073
| +33% | +$5.65M |
|
1216
Penske Automotive Group
PAG
$14.4B
| $22M | ﹤0.01% |
144,643
+1,279
| +0.9% | +$203K |
|
1217
Denali Therapeutics
DNLI
$3.84B
| $21.7M | ﹤0.01% |
1,065,608
+668,069
| +168% | +$17.1M |
|
1218
Q2 Holdings
QTWO
$3.99B
| $21.6M | ﹤0.01% |
215,036
-78,153
| -27% | -$7.42M |
|
1219
Helmerich & Payne
HP
$3.45B
| $21.6M | ﹤0.01% |
673,692
+21,381
| +3% | +$726K |
|
1220
Brinker International
EAT
$9.36B
| $21.5M | ﹤0.01% |
162,891
+11,361
| +7% | +$1.28M |
|
1221
Paycom
PAYC
$8.17B
| $21.5M | ﹤0.01% |
104,943
+42,880
| +69% | +$8.73M |
|
1222
Griffon
GFF
$4.29B
| $21.5M | ﹤0.01% |
300,985
+153,511
| +104% | +$11.1M |
|
1223
TORM
TRMD
$3.01B
| $21.3M | ﹤0.01% |
1,107,523
+146,066
| +15% | +$3.56M |
|
1224
Apple Hospitality REIT
APLE
$3.91B
| $21.1M | ﹤0.01% |
1,374,516
+539,402
| +65% | +$8.36M |
|
|
RNAM
1225
DELISTED
Avidity Biosciences
RNAM
| $21.1M | ﹤0.01% |
724,787
-322,069
| -31% | -$13.5M |
|
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Norges Bank's Q4 2024 Portfolio in Review
As of Q4 2024, Norges Bank held 1,937 positions worth $762B, up 6.4% from $716B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank deployed $33.5B of net new capital in Q4 2024, opening 98 new positions and adding to 915 existing holdings. Its largest new stake was StandardAero Inc: 5,025,103 shares worth $124M.
By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was T-Mobile US, an estimated $570M trimmed.
- Norges Bank's largest Q4 2024 buy was StandardAero Inc: 5,025,103 shares worth $124M.
- Norges Bank added most to NVIDIA in Q4 2024, an estimated $4.27B increase.
- Norges Bank's biggest Q4 2024 reduction was T-Mobile US, cutting an estimated $570M.
- Norges Bank fully exited CATALENT, INC. in Q4 2024, selling an estimated $290M.
- Norges Bank's ten largest holdings make up 33% of its $762B portfolio in Q4 2024.
- Norges Bank opened 98 new positions and closed 92 in Q4 2024.
- Norges Bank's portfolio value rose 6.4% quarter-over-quarter to $762B.
Based on Norges Bank's 13F filing for Q4 2024, filed 12 Feb 2025.