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 |
Microsoft
MSFT
|
+$764M |
| 2 |
UBS Group
UBS
|
+$753M |
| 3 |
Apple
AAPL
|
+$665M |
| 4 |
JPMorgan Chase
JPM
|
+$621M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$498M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$811M |
| 2 |
Oracle
ORCL
|
+$505M |
| 3 |
T-Mobile US
TMUS
|
+$390M |
| 4 |
Deutsche Bank
DB
|
+$275M |
| 5 |
GE Aerospace
GE
|
+$240M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.11% |
| 2 | Financials | 13.76% |
| 3 | Healthcare | 13.71% |
| 4 | Consumer Discretionary | 10.81% |
| 5 | Communication Services | 7.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Micron Technology
MU
$930B
| $896M | 0.2% |
14,857,452
+3,221,622
| +28% | +$189M |
|
102
TJX Companies
TJX
$174B
| $895M | 0.2% |
11,420,136
+218,744
| +2% | +$17.2M |
|
103
Zoetis
ZTS
$32.4B
| $886M | 0.19% |
5,323,626
+234,163
| +5% | +$38.4M |
|
|
SCHW
104
Charles Schwab
SCHW
$183B
| $864M | 0.19% |
16,502,307
+581,642
| +4% | +$42.6M |
|
105
Estee Lauder
EL
$30.4B
| $859M | 0.19% |
3,484,737
+26,313
| +0.8% | +$6.68M |
|
106
Lam Research
LRCX
$367B
| $854M | 0.19% |
16,106,640
+1,373,690
| +9% | +$67.4M |
|
107
Equinix
EQIX
$101B
| $841M | 0.18% |
1,165,729
+58,059
| +5% | +$40.9M |
|
108
Cadence Design Systems
CDNS
$93.6B
| $839M | 0.18% |
3,993,560
-805,652
| -17% | -$152M |
|
109
Alcon
ALC
$33.6B
| $834M | 0.18% |
11,791,894
+75,422
| +0.6% | +$5.37M |
|
110
Eaton
ETN
$161B
| $831M | 0.18% |
4,848,150
-237,033
| -5% | -$39.5M |
|
111
Regeneron Pharmaceuticals
REGN
$78.5B
| $823M | 0.18% |
1,001,113
+34,646
| +4% | +$26.1M |
|
112
Illinois Tool Works
ITW
$82.6B
| $810M | 0.18% |
3,326,792
+111,819
| +3% | +$26.1M |
|
113
Target
TGT
$65.6B
| $805M | 0.18% |
4,858,935
-11,368
| -0.2% | -$1.87M |
|
114
Vertex Pharmaceuticals
VRTX
$121B
| $797M | 0.17% |
2,528,939
+77,418
| +3% | +$23.2M |
|
115
Workday
WDAY
$39.6B
| $795M | 0.17% |
3,847,679
+258,941
| +7% | +$47.1M |
|
116
Cigna
CI
$73.7B
| $780M | 0.17% |
3,051,109
+143,092
| +5% | +$41.7M |
|
117
Simon Property Group
SPG
$74.4B
| $775M | 0.17% |
6,924,526
+47,720
| +0.7% | +$5.7M |
|
118
Amphenol
APH
$198B
| $765M | 0.17% |
18,719,410
+1,543,586
| +9% | +$61M |
|
119
Goldman Sachs
GS
$300B
| $754M | 0.17% |
2,304,989
+93,063
| +4% | +$32.4M |
|
|
ATVI
120
DELISTED
Activision Blizzard
ATVI
| $754M | 0.16% |
8,804,327
-900,729
| -9% | -$70M |
|
121
CME Group
CME
$96.3B
| $751M | 0.16% |
3,919,441
+289,078
| +8% | +$52.3M |
|
122
Ferguson
FERG
$45.4B
| $738M | 0.16% |
5,606,822
+771,581
| +16% | +$107M |
|
123
Enbridge
ENB
$119B
| $727M | 0.16% |
19,062,756
+558,388
| +3% | +$21.9M |
|
124
Public Storage
PSA
$60.5B
| $719M | 0.16% |
2,378,846
-14,216
| -0.6% | -$4.18M |
|
125
McKesson
MCK
$100B
| $718M | 0.16% |
2,016,729
+326,711
| +19% | +$118M |
|
Similar funds
Norges Bank's Q1 2023 Portfolio in Review
As of Q1 2023, Norges Bank held 2,211 positions worth $457B, up 10% from $415B the previous quarter. Its ten largest holdings account for 24% of the portfolio.
Norges Bank's Q1 2023 filing shows 81 new, 1,022 increased, 782 reduced and 124 closed positions. Its largest new stake was GE HealthCare: 2,602,917 shares worth $214M. The largest sale was Bank of America, an estimated $811M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 23% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q1 2023 buy was GE HealthCare: 2,602,917 shares worth $214M.
- Norges Bank added most to Microsoft in Q1 2023, an estimated $764M increase.
- Norges Bank's biggest Q1 2023 reduction was Bank of America, cutting an estimated $811M.
- Norges Bank fully exited SVB Financial Group in Q1 2023, selling an estimated $141M.
- Norges Bank's ten largest holdings make up 24% of its $457B portfolio in Q1 2023.
- Norges Bank opened 81 new positions and closed 124 in Q1 2023.
- Norges Bank's portfolio value rose 10% quarter-over-quarter to $457B.
Based on Norges Bank's 13F filing for Q1 2023, filed 15 May 2023.