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 |
NVIDIA
NVDA
|
+$1.7B |
| 2 |
Apple
AAPL
|
+$1.61B |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$1.17B |
| 4 |
Capital One
COF
|
+$865M |
| 5 |
Tesla
TSLA
|
+$812M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.89B |
| 2 |
Sea Limited
SE
|
+$1.15B |
| 3 |
NextEra Energy
NEE
|
+$1.06B |
| 4 |
DFS
Discover Financial Services
DFS
|
+$847M |
| 5 |
Sempra
SRE
|
+$708M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.63% |
| 2 | Financials | 15.4% |
| 3 | Consumer Discretionary | 10.72% |
| 4 | Communication Services | 9.72% |
| 5 | Healthcare | 9.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Arthur J. Gallagher & Co
AJG
$66.9B
| $1.54B | 0.19% |
4,798,919
+90,540
| +2% | +$29.8M |
|
102
KKR & Co
KKR
$98.1B
| $1.53B | 0.19% |
11,504,313
+1,121,192
| +11% | +$131M |
|
103
PNC Financial Services
PNC
$97.1B
| $1.48B | 0.18% |
7,927,456
+217,164
| +3% | +$36.8M |
|
104
T-Mobile US
TMUS
$191B
| $1.48B | 0.18% |
6,202,384
-116,120
| -2% | -$28.3M |
|
105
Centene
CNC
$32.5B
| $1.44B | 0.18% |
26,455,361
+858,587
| +3% | +$50.4M |
|
106
Medtronic
MDT
$117B
| $1.43B | 0.18% |
16,435,681
+1,800,014
| +12% | +$153M |
|
|
AVB
107
DELISTED
AvalonBay Communities
AVB
| $1.39B | 0.17% |
6,851,227
+33,747
| +0.5% | +$6.9M |
|
108
American Tower
AMT
$81.3B
| $1.37B | 0.17% |
6,207,018
+121,795
| +2% | +$26.3M |
|
109
CVS Health
CVS
$119B
| $1.36B | 0.17% |
19,696,987
+2,573,560
| +15% | +$169M |
|
110
Constellation Energy
CEG
$100B
| $1.36B | 0.17% |
4,208,798
+1,502,472
| +56% | +$398M |
|
111
Trane Technologies
TT
$101B
| $1.36B | 0.17% |
3,100,216
+69,087
| +2% | +$27.3M |
|
112
Parker-Hannifin
PH
$128B
| $1.35B | 0.17% |
1,936,388
+296,671
| +18% | +$187M |
|
113
McKesson
MCK
$104B
| $1.35B | 0.17% |
1,837,742
+72,006
| +4% | +$50.8M |
|
|
MRSH
114
Marsh
MRSH
$90.3B
| $1.33B | 0.17% |
6,076,595
+359,124
| +6% | +$81.1M |
|
115
Sherwin-Williams
SHW
$84.2B
| $1.3B | 0.16% |
3,776,110
-237,776
| -6% | -$82.4M |
|
116
Prologis
PLD
$135B
| $1.29B | 0.16% |
12,261,570
+320,371
| +3% | +$33.6M |
|
117
TransDigm Group
TDG
$65.7B
| $1.28B | 0.16% |
838,486
+65,894
| +9% | +$92.5M |
|
118
3M
MMM
$92.4B
| $1.26B | 0.16% |
8,300,346
+1,210,415
| +17% | +$173M |
|
|
FISV
119
Fiserv Inc
FISV
$28B
| $1.25B | 0.16% |
7,263,269
+934,599
| +15% | +$169M |
|
120
Starbucks
SBUX
$122B
| $1.25B | 0.16% |
13,601,620
+253,186
| +2% | +$21.9M |
|
121
Mondelez International
MDLZ
$80.2B
| $1.24B | 0.15% |
18,384,254
+196,760
| +1% | +$13.1M |
|
122
Arista Networks
ANET
$254B
| $1.23B | 0.15% |
12,004,467
+1,080,553
| +10% | +$93.5M |
|
123
Regency Centers
REG
$13.8B
| $1.22B | 0.15% |
17,118,272
+39,244
| +0.2% | +$2.8M |
|
124
Strategy Inc
MSTR
$54.9B
| $1.2B | 0.15% |
2,976,182
+319,909
| +12% | +$117M |
|
125
UDR
UDR
$12B
| $1.2B | 0.15% |
29,437,105
+96,171
| +0.3% | +$3.98M |
|
Similar funds
Norges Bank's Q2 2025 Portfolio in Review
As of Q2 2025, Norges Bank held 1,794 positions worth $801B, up 12% from $712B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Norges Bank's Q2 2025 filing shows 51 new, 783 increased, 711 reduced and 87 closed positions. Its largest new stake was Amrize Ltd: 13,445,492 shares worth $671M. The largest sale was Alphabet (Google) Class A, an estimated $1.89B.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q2 2025 buy was Amrize Ltd: 13,445,492 shares worth $671M.
- Norges Bank added most to NVIDIA in Q2 2025, an estimated $1.7B increase.
- Norges Bank's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.89B.
- Norges Bank fully exited Discover Financial Services in Q2 2025, selling an estimated $847M.
- Norges Bank's ten largest holdings make up 33% of its $801B portfolio in Q2 2025.
- Norges Bank opened 51 new positions and closed 87 in Q2 2025.
- Norges Bank's portfolio value rose 12% quarter-over-quarter to $801B.
Based on Norges Bank's 13F filing for Q2 2025, filed 13 Aug 2025.