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
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.8% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1201
Corcept Therapeutics
CORT
$12.6B
| $24.2M | ﹤0.01% |
+695,766
| New | +$54.6M |
|
1202
Summit Therapeutics
SMMT
$11.4B
| $24M | ﹤0.01% |
+1,373,943
| New | +$25.8M |
|
1203
Peloton Interactive
PTON
$2.33B
| $23.8M | ﹤0.01% |
+3,862,925
| New | +$27.2M |
|
1204
SGHC Ltd
SGHC
$7.03B
| $23.8M | ﹤0.01% |
+1,990,838
| New | +$23.9M |
|
|
STUB
1205
StubHub Holdings
STUB
$2.5B
| $23.7M | ﹤0.01% |
+1,750,000
| New | +$27.5M |
|
1206
Valaris
VAL
$5.93B
| $23.6M | ﹤0.01% |
+467,881
| New | +$25.1M |
|
1207
Recursion Pharmaceuticals
RXRX
$1.84B
| $23.5M | ﹤0.01% |
+5,739,064
| New | +$28.4M |
|
|
KRMN
1208
Karman Holdings
KRMN
$6.28B
| $23.1M | ﹤0.01% |
+315,934
| New | +$22.9M |
|
1209
AppFolio
APPF
$8.22B
| $22.8M | ﹤0.01% |
+97,976
| New | +$23.3M |
|
1210
Telephone and Data Systems
TDS
$3.82B
| $22.2M | ﹤0.01% |
+541,663
| New | +$21.1M |
|
1211
StoneX
SNEX
$8.24B
| $22.2M | ﹤0.01% |
+524,295
| New | +$22M |
|
1212
Wipro
WIT
$17.8B
| $22M | ﹤0.01% |
+7,759,065
| New | +$21.2M |
|
|
CMBT
1213
CMB.TECH NV
CMBT
$5.3B
| $22M | ﹤0.01% |
+2,282,809
| New | +$22.2M |
|
1214
Thor Industries
THO
$3.97B
| $21.7M | ﹤0.01% |
+211,637
| New | +$22M |
|
1215
Flowers Foods
FLO
$1.48B
| $21.7M | ﹤0.01% |
+1,992,629
| New | +$23.1M |
|
1216
Lennar Class B
LEN.B
$20.1B
| $21.6M | ﹤0.01% |
+226,742
| New | +$25.7M |
|
1217
Futu Holdings
FUTU
$17.5B
| $21.5M | ﹤0.01% |
+130,977
| New | +$22.5M |
|
1218
BellRing Brands
BRBR
$1.19B
| $21.5M | ﹤0.01% |
+803,887
| New | +$24.9M |
|
1219
Edgewell Personal Care
EPC
$1.32B
| $21.3M | ﹤0.01% |
+1,250,000
| New | +$23.1M |
|
1220
Floor & Decor
FND
$5.68B
| $21.3M | ﹤0.01% |
+349,264
| New | +$22.6M |
|
1221
Mirum Pharmaceuticals
MIRM
$6.08B
| $20.8M | ﹤0.01% |
+263,175
| New | +$18.9M |
|
1222
Celanese
CE
$4.92B
| $20M | ﹤0.01% |
+474,139
| New | +$19.3M |
|
1223
Shake Shack
SHAK
$2.85B
| $19.7M | ﹤0.01% |
+243,100
| New | +$21.4M |
|
|
BRSL
1224
Brightstar Lottery PLC
BRSL
$2.07B
| $19.6M | ﹤0.01% |
+1,263,918
| New | +$20.6M |
|
1225
Kyndryl
KD
$2.89B
| $19.5M | ﹤0.01% |
+735,671
| New | +$19.9M |
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.