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 |
Apple
AAPL
|
+$376M |
| 2 |
Meta Platforms (Facebook)
META
|
+$341M |
| 3 |
TechnipFMC
FTI
|
+$267M |
| 4 |
Enbridge
ENB
|
+$226M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$200M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Aflac
AFL
|
+$533M |
| 2 |
Prudential Financial
PRU
|
+$330M |
| 3 |
SE
Spectra Energy Corp Wi
SE
|
+$224M |
| 4 |
Deutsche Bank
DB
|
+$175M |
| 5 |
Blackrock
BLK
|
+$168M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 18.51% |
| 2 | Technology | 15.24% |
| 3 | Healthcare | 13.45% |
| 4 | Consumer Discretionary | 9.35% |
| 5 | Industrials | 9.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
ConocoPhillips
COP
$144B
| $472M | 0.19% |
9,462,170
-440,520
| -4% | -$21.3M |
|
|
AET
102
DELISTED
Aetna Inc
AET
| $459M | 0.19% |
3,596,398
+99,426
| +3% | +$12.5M |
|
|
MON
103
DELISTED
Monsanto Co
MON
| $456M | 0.19% |
4,030,547
+164,617
| +4% | +$18.2M |
|
104
Aon
AON
$79.9B
| $456M | 0.19% |
3,838,217
-81,911
| -2% | -$9.45M |
|
105
Baxter International
BAX
$12.8B
| $451M | 0.19% |
8,695,958
-527,218
| -6% | -$25.9M |
|
106
Morgan Stanley
MS
$323B
| $444M | 0.18% |
10,356,860
+2,146,417
| +26% | +$95.2M |
|
107
Occidental Petroleum
OXY
$55.6B
| $441M | 0.18% |
6,954,424
+141,804
| +2% | +$9.43M |
|
108
CSX Corp
CSX
$94B
| $438M | 0.18% |
28,226,208
+2,643,408
| +10% | +$40.3M |
|
109
Canadian National Railway
CNI
$78.2B
| $434M | 0.18% |
5,899,490
+405,554
| +7% | +$28.8M |
|
|
110
Deutsche Bank
DB
$68.8B
| $432M | 0.18% |
25,017,898
-10,083,526
| -29% | -$175M |
|
111
Netflix
NFLX
$300B
| $431M | 0.18% |
29,176,830
+317,150
| +1% | +$4.45M |
|
112
Vornado Realty Trust
VNO
$7.8B
| $430M | 0.18% |
5,303,453
| – | – |
|
113
Bank of Montreal
BMO
$124B
| $429M | 0.18% |
5,755,034
-169,546
| -3% | -$12.8M |
|
114
Johnson Controls International
JCI
$84.2B
| $427M | 0.18% |
10,138,746
-412,903
| -4% | -$17.5M |
|
115
Elevance Health
ELV
$83.1B
| $425M | 0.17% |
2,568,756
-52,683
| -2% | -$8.38M |
|
|
RTN
116
DELISTED
Raytheon Company
RTN
| $424M | 0.17% |
2,779,721
+325,820
| +13% | +$49M |
|
|
ESRX
117
DELISTED
Express Scripts Holding Company
ESRX
| $422M | 0.17% |
6,399,265
| – | – |
|
118
Caterpillar
CAT
$366B
| $422M | 0.17% |
4,544,472
+76,494
| +2% | +$7.24M |
|
119
Halliburton
HAL
$26.2B
| $420M | 0.17% |
8,531,173
-504,479
| -6% | -$27.1M |
|
120
Phillips 66
PSX
$83.7B
| $401M | 0.16% |
5,055,674
-327,178
| -6% | -$26.4M |
|
121
Kinder Morgan
KMI
$71.2B
| $400M | 0.16% |
18,379,893
+723,245
| +4% | +$15.8M |
|
122
Federal Realty Investment Trust
FRT
$10.9B
| $399M | 0.16% |
2,992,470
| – | – |
|
123
Applied Materials
AMAT
$358B
| $396M | 0.16% |
10,170,734
+680,462
| +7% | +$24.4M |
|
124
Boston Scientific
BSX
$68.1B
| $394M | 0.16% |
15,856,211
+1,904,572
| +14% | +$46.3M |
|
125
Lincoln National
LNC
$8.11B
| $393M | 0.16% |
6,011,044
-125,485
| -2% | -$8.58M |
|
Similar funds
Norges Bank's Q1 2017 Portfolio in Review
As of Q1 2017, Norges Bank held 2,251 positions worth $244B, up 6.5% from $229B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
Norges Bank's Q1 2017 filing shows 100 new, 1,048 increased, 797 reduced and 111 closed positions. Its largest new stake was Park Hotels & Resorts: 6,552,098 shares worth $168M. The largest sale was Aflac, an estimated $533M.
By sector, the portfolio is most concentrated in Financials at 19% of assets, down from 20% a quarter earlier, followed by Technology and Healthcare.
- Norges Bank's largest Q1 2017 buy was Park Hotels & Resorts: 6,552,098 shares worth $168M.
- Norges Bank added most to Apple in Q1 2017, an estimated $376M increase.
- Norges Bank's biggest Q1 2017 reduction was Aflac, cutting an estimated $533M.
- Norges Bank fully exited Spectra Energy Corp Wi in Q1 2017, selling an estimated $224M.
- Norges Bank's ten largest holdings make up 15% of its $244B portfolio in Q1 2017.
- Norges Bank opened 100 new positions and closed 111 in Q1 2017.
- Norges Bank's portfolio value rose 6.5% quarter-over-quarter to $244B.
Based on Norges Bank's 13F filing for Q1 2017, filed 10 May 2017.