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 |
WFT
Weatherford International plc
WFT
|
+$134M |
| 2 |
Alcoa
AA
|
+$129M |
| 3 |
SWN
Southwestern Energy Company
SWN
|
+$99.6M |
| 4 |
Metallus
MTUS
|
+$92.2M |
| 5 |
Liberty Media Series C
FWONK
|
+$76.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$4.4B |
| 2 |
Blackrock
BLK
|
+$3.79B |
| 3 |
ExxonMobil
XOM
|
+$3.16B |
| 4 |
Microsoft
MSFT
|
+$2.79B |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$2.22B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 17% |
| 2 | Technology | 13.81% |
| 3 | Healthcare | 12.74% |
| 4 | Energy | 9.56% |
| 5 | Industrials | 9.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Phillips 66
PSX
$82.5B
| $356M | 0.19% |
4,378,920
-4,632,470
| -51% | -$386M |
|
102
Enbridge
ENB
$121B
| $353M | 0.19% |
7,352,126
-7,418,204
| -50% | -$366M |
|
103
Goldman Sachs
GS
$305B
| $351M | 0.19% |
1,910,173
-2,344,557
| -55% | -$412M |
|
104
Thermo Fisher Scientific
TMO
$214B
| $350M | 0.19% |
2,873,920
-2,862,260
| -50% | -$348M |
|
105
Caterpillar
CAT
$387B
| $349M | 0.19% |
3,525,855
-2,491,479
| -41% | -$264M |
|
|
MON
106
DELISTED
Monsanto Co
MON
| $344M | 0.19% |
3,058,526
-2,954,314
| -49% | -$345M |
|
107
Nike
NKE
$63.9B
| $343M | 0.19% |
7,696,182
-7,789,558
| -50% | -$309M |
|
108
Texas Instruments
TXN
$253B
| $339M | 0.18% |
7,101,364
-7,058,506
| -50% | -$338M |
|
109
Simon Property Group
SPG
$76.8B
| $338M | 0.18% |
2,054,718
-2,305,798
| -53% | -$388M |
|
110
Federal Realty Investment Trust
FRT
$10.9B
| $335M | 0.18% |
2,830,354
-2,847,226
| -50% | -$349M |
|
111
Capital One
COF
$130B
| $332M | 0.18% |
4,070,684
-5,862,418
| -59% | -$479M |
|
112
Target
TGT
$65.5B
| $329M | 0.18% |
5,254,968
-4,952,978
| -49% | -$300M |
|
113
Omnicom Group
OMC
$24.6B
| $328M | 0.18% |
4,760,458
-4,760,458
| -50% | -$340M |
|
114
Bausch Health
BHC
$1.69B
| $326M | 0.18% |
2,485,824
-2,539,996
| -51% | -$303M |
|
115
Duke Energy
DUK
$101B
| $326M | 0.18% |
4,362,083
-4,089,663
| -48% | -$298M |
|
116
McKesson
MCK
$104B
| $324M | 0.18% |
1,664,687
-1,643,607
| -50% | -$316M |
|
117
Dominion Energy
D
$62.1B
| $319M | 0.17% |
4,623,597
-4,623,597
| -50% | -$319M |
|
118
Canadian Imperial Bank of Commerce
CM
$109B
| $319M | 0.17% |
7,173,862
-7,440,275
| -51% | -$342M |
|
119
American Tower
AMT
$79.9B
| $318M | 0.17% |
3,398,064
+74,784
| +2% | +$7.12M |
|
120
Micron Technology
MU
$927B
| $317M | 0.17% |
9,241,258
-9,921,258
| -52% | -$321M |
|
|
SWN
121
DELISTED
Southwestern Energy Company
SWN
| $316M | 0.17% |
9,050,846
+2,490,754
| +38% | +$99.6M |
|
|
AGU
122
DELISTED
Agrium
AGU
| $314M | 0.17% |
3,529,438
-3,572,256
| -50% | -$328M |
|
123
TJX Companies
TJX
$178B
| $313M | 0.17% |
10,570,182
-10,435,818
| -50% | -$294M |
|
124
Prologis
PLD
$137B
| $303M | 0.16% |
8,047,575
-8,047,575
| -50% | -$326M |
|
125
Kimberly-Clark
KMB
$37.5B
| $301M | 0.16% |
2,918,522
-2,955,946
| -50% | -$308M |
|
Similar funds
Norges Bank's Q3 2014 Portfolio in Review
As of Q3 2014, Norges Bank held 2,360 positions worth $185B, down 50% from $371B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
Norges Bank withdrew a net $184B in Q3 2014, closing 32 positions and reducing 2,169 holdings. Its most notable exit was Deutsche Bank, an estimated $1.74B position sold in full.
By sector, the portfolio is most concentrated in Financials at 17% of assets, down from 17% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Norges Bank opened a new position in Metallus worth $92.8M.
- Norges Bank's largest Q3 2014 buy was Metallus: 1,996,282 shares worth $92.8M.
- Norges Bank added most to Weatherford International plc in Q3 2014, an estimated $134M increase.
- Norges Bank's biggest Q3 2014 reduction was Apple, cutting an estimated $4.4B.
- Norges Bank fully exited Deutsche Bank in Q3 2014, selling an estimated $1.74B.
- Norges Bank's ten largest holdings make up 15% of its $185B portfolio in Q3 2014.
- Norges Bank opened 110 new positions and closed 32 in Q3 2014.
- Norges Bank's portfolio value fell 50% quarter-over-quarter to $185B.
Based on Norges Bank's 13F filing for Q3 2014, filed 7 Nov 2014.