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 |
Walt Disney
DIS
|
+$382M |
| 2 |
Alibaba
BABA
|
+$346M |
| 3 |
Meta Platforms (Facebook)
META
|
+$240M |
| 4 |
Citigroup
C
|
+$223M |
| 5 |
Procter & Gamble
PG
|
+$194M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$631M |
| 2 |
Linde
LIN
|
+$310M |
| 3 |
Alcoa
AA
|
+$208M |
| 4 |
Blackrock
BLK
|
+$158M |
| 5 |
Oracle
ORCL
|
+$157M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.87% |
| 2 | Financials | 16.34% |
| 3 | Healthcare | 13.72% |
| 4 | Consumer Discretionary | 11.63% |
| 5 | Communication Services | 9.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Illumina
ILMN
$29.2B
| $591M | 0.19% |
1,954,374
+190,505
| +11% | +$55.6M |
|
102
SLB Ltd
SLB
$73.3B
| $590M | 0.19% |
13,534,619
+46,969
| +0.3% | +$2.03M |
|
103
United Parcel Service
UPS
$89.4B
| $587M | 0.19% |
5,251,842
+207,871
| +4% | +$22M |
|
104
Baidu
BIDU
$35.5B
| $586M | 0.19% |
3,552,892
+233,748
| +7% | +$39.1M |
|
105
CSX Corp
CSX
$93.4B
| $579M | 0.19% |
23,225,559
+846,000
| +4% | +$19.6M |
|
106
Intuit
INTU
$91.2B
| $572M | 0.18% |
2,188,234
+43,319
| +2% | +$10M |
|
107
Becton Dickinson
BDX
$46.5B
| $572M | 0.18% |
2,345,978
| – | – |
|
108
Boston Scientific
BSX
$69.4B
| $567M | 0.18% |
14,767,318
+1,497,870
| +11% | +$57.2M |
|
109
PNC Financial Services
PNC
$99.5B
| $565M | 0.18% |
4,609,749
-99,060
| -2% | -$12.3M |
|
110
Suncor Energy
SU
$77.8B
| $555M | 0.18% |
17,112,139
+364,120
| +2% | +$11.9M |
|
111
EOG Resources
EOG
$77.6B
| $551M | 0.18% |
5,789,842
+1,222
| +0% | +$116K |
|
|
WBA
112
DELISTED
Walgreens Boots Alliance
WBA
| $546M | 0.18% |
8,631,353
| – | – |
|
113
Colgate-Palmolive
CL
$74.4B
| $545M | 0.18% |
7,950,731
-255,513
| -3% | -$16.5M |
|
114
Emerson Electric
EMR
$81.7B
| $537M | 0.17% |
7,847,700
+639,966
| +9% | +$42.1M |
|
|
AGN
115
DELISTED
Allergan plc
AGN
| $535M | 0.17% |
3,650,773
+23,258
| +0.6% | +$3.37M |
|
116
CME Group
CME
$95.5B
| $533M | 0.17% |
3,241,493
+65,774
| +2% | +$11.6M |
|
|
RTN
117
DELISTED
Raytheon Company
RTN
| $524M | 0.17% |
2,878,537
+12,067
| +0.4% | +$2.1M |
|
118
Aptiv
APTV
$12.3B
| $524M | 0.17% |
6,587,672
+413,674
| +7% | +$31.8M |
|
119
Occidental Petroleum
OXY
$56B
| $516M | 0.17% |
7,798,737
+44,912
| +0.6% | +$2.96M |
|
120
Norfolk Southern
NSC
$75.6B
| $495M | 0.16% |
2,649,867
-27,095
| -1% | -$4.69M |
|
121
S&P Global
SPGI
$123B
| $491M | 0.16% |
2,332,957
+28,412
| +1% | +$5.5M |
|
122
Goldman Sachs
GS
$290B
| $490M | 0.16% |
2,551,342
-288,520
| -10% | -$55.7M |
|
123
Applied Materials
AMAT
$354B
| $488M | 0.16% |
12,304,934
-141,709
| -1% | -$5.38M |
|
124
Biogen
BIIB
$31.6B
| $487M | 0.16% |
2,060,447
-82,781
| -4% | -$26.1M |
|
125
Waste Management
WM
$96.6B
| $484M | 0.16% |
4,655,318
+135,602
| +3% | +$13.2M |
|
Similar funds
Norges Bank's Q1 2019 Portfolio in Review
As of Q1 2019, Norges Bank held 2,169 positions worth $310B, up 15% from $269B the previous quarter. Its ten largest holdings account for 17% of the portfolio.
Trading was light in Q1 2019: portfolio turnover was 4.1%. Norges Bank opened 45 new positions and exited 43, leaving the 2,169-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 18% of assets, up from 17% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2019 buy was Fox Class B: 4,938,483 shares worth $177M.
- Norges Bank added most to Walt Disney in Q1 2019, an estimated $382M increase.
- Norges Bank's biggest Q1 2019 reduction was Linde, cutting an estimated $310M.
- Norges Bank fully exited Twenty-First Century Fox, Inc. Class B in Q1 2019, selling an estimated $631M.
- Norges Bank's ten largest holdings make up 17% of its $310B portfolio in Q1 2019.
- Norges Bank opened 45 new positions and closed 43 in Q1 2019.
- Norges Bank's portfolio value rose 15% quarter-over-quarter to $310B.
Based on Norges Bank's 13F filing for Q1 2019, filed 9 May 2019.