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 |
Alibaba
BABA
|
+$486M |
| 2 |
Boston Properties
BXP
|
+$368M |
| 3 |
Verizon
VZ
|
+$301M |
| 4 |
Vornado Realty Trust
VNO
|
+$283M |
| 5 |
Baidu
BIDU
|
+$185M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Blackrock
BLK
|
+$579M |
| 2 |
Ameriprise Financial
AMP
|
+$297M |
| 3 |
Nucor
NUE
|
+$290M |
| 4 |
Charter Communications
CHTR
|
+$216M |
| 5 |
Aflac
AFL
|
+$214M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 19.04% |
| 2 | Technology | 16.4% |
| 3 | Healthcare | 13.21% |
| 4 | Consumer Discretionary | 10.32% |
| 5 | Communication Services | 9.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
Deere & Co
DE
$175B
| $587M | 0.21% |
3,748,189
+114,558
| +3% | +$16M |
2013 Q2
18 quarters
|
|
|
AGN
102
DELISTED
Allergan plc
AGN
| $576M | 0.21% |
3,518,796
+112,440
| +3% | +$20.2M |
2015 Q3
9 quarters
|
|
103
Elevance Health
ELV
$92.9B
| $574M | 0.21% |
2,550,328
+28,708
| +1% | +$6.11M |
2013 Q2
18 quarters
|
|
104
EOG Resources
EOG
$80.1B
| $571M | 0.2% |
5,292,036
-46,463
| -0.9% | -$4.68M |
2013 Q2
18 quarters
|
|
|
RTN
105
DELISTED
Raytheon Company
RTN
| $557M | 0.2% |
2,965,997
+21,736
| +0.7% | +$4.05M |
2016 Q4
4 quarters
|
|
106
Applied Materials
AMAT
$341B
| $522M | 0.19% |
10,219,827
-511,584
| -5% | -$27.7M |
2013 Q2
18 quarters
|
|
107
Canadian National Railway
CNI
$72.9B
| $521M | 0.19% |
6,295,321
-24,792
| -0.4% | -$2M |
2013 Q2
18 quarters
|
|
108
Aptiv
APTV
$9.38B
| $519M | 0.19% |
6,123,855
-1,020,228
| -14% | -$97.1M |
2013 Q2
18 quarters
|
|
109
Occidental Petroleum
OXY
$60.6B
| $515M | 0.18% |
6,993,106
+78,125
| +1% | +$5.3M |
2013 Q2
18 quarters
|
|
110
Alcoa
AA
$10.7B
| $515M | 0.18% |
9,558,768
+1,707,266
| +22% | +$78.1M |
2013 Q2
18 quarters
|
|
111
Sempra
SRE
$53.6B
| $508M | 0.18% |
9,499,432
+308,408
| +3% | +$17.9M |
2013 Q2
18 quarters
|
|
112
Cigna
CI
$79B
| $499M | 0.18% |
2,458,742
-88,642
| -3% | -$17.6M |
2013 Q2
18 quarters
|
|
113
Becton Dickinson
BDX
$52.8B
| $495M | 0.18% |
2,369,990
+358,008
| +18% | +$75M |
2013 Q2
18 quarters
|
|
114
Baxter International
BAX
$13.3B
| $493M | 0.18% |
7,621,301
-1,187,721
| -13% | -$76.3M |
2013 Q2
18 quarters
|
|
115
Simon Property Group
SPG
$65.8B
| $489M | 0.18% |
2,846,516
| – | – |
2013 Q2
18 quarters
|
|
116
Loews
L
$22.2B
| $488M | 0.18% |
9,760,635
-622,590
| -6% | -$30.8M |
2013 Q2
18 quarters
|
|
117
Bank of Montreal
BMO
$115B
| $488M | 0.18% |
6,083,873
+57,680
| +1% | +$4.5M |
2013 Q2
18 quarters
|
|
118
Deutsche Bank
DB
$61.7B
| $486M | 0.17% |
25,493,223
-4,173,098
| -14% | -$75.3M |
2016 Q2
6 quarters
|
|
119
TJX Companies
TJX
$159B
| $474M | 0.17% |
12,392,254
+323,034
| +3% | +$11.7M |
2013 Q2
18 quarters
|
|
120
Micron Technology
MU
$1.05T
| $473M | 0.17% |
11,502,474
+2,445,433
| +27% | +$105M |
2013 Q2
18 quarters
|
|
121
Chubb
CB
$136B
| $472M | 0.17% |
3,227,150
+1,160,117
| +56% | +$173M |
2013 Q2
18 quarters
|
|
|
122
Aflac
AFL
$59.2B
| $467M | 0.17% |
10,650,016
-5,005,526
| -32% | -$214M |
2013 Q2
18 quarters
|
|
123
Valero Energy
VLO
$128B
| $467M | 0.17% |
5,080,318
+200,000
| +4% | +$16.5M |
2013 Q2
18 quarters
|
|
124
Phillips 66
PSX
$115B
| $464M | 0.17% |
4,588,662
-136,783
| -3% | -$13M |
2013 Q2
18 quarters
|
|
125
T-Mobile US
TMUS
$168B
| $463M | 0.17% |
7,285,835
+1,086,529
| +18% | +$66.3M |
2013 Q2
18 quarters
|
|
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Norges Bank's Q4 2017 Portfolio in Review
As of Q4 2017, Norges Bank held 2,177 positions worth $279B, up 5.9% from $264B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Norges Bank's Q4 2017 filing shows 52 new, 713 increased, 679 reduced and 62 closed positions. Its largest new stake was Delphi Technologies PLC Ordinary Shares: 1,452,122 shares worth $76.2M. The largest sale was Blackrock, an estimated $579M.
By sector, the portfolio is most concentrated in Financials at 19% of assets, up from 19% a quarter earlier, followed by Technology and Healthcare.
- Norges Bank's largest Q4 2017 buy was Delphi Technologies PLC Ordinary Shares: 1,452,122 shares worth $76.2M.
- Norges Bank added most to Alibaba in Q4 2017, an estimated $486M increase.
- Norges Bank's biggest Q4 2017 reduction was Blackrock, cutting an estimated $579M.
- Norges Bank fully exited CR Bard Inc. in Q4 2017, selling an estimated $201M.
- Norges Bank's ten largest holdings make up 16% of its $279B portfolio in Q4 2017.
- Norges Bank opened 52 new positions and closed 62 in Q4 2017.
- Norges Bank's portfolio value rose 5.9% quarter-over-quarter to $279B.
Based on Norges Bank's 13F filing for Q4 2017, filed 9 Feb 2018.