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
|
+$62.1B |
| 2 |
Microsoft
MSFT
|
+$52.5B |
| 3 |
Apple
AAPL
|
+$51.6B |
| 4 |
Amazon
AMZN
|
+$32.6B |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$27.9B |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.77% |
| 2 | Financials | 14.44% |
| 3 | Consumer Discretionary | 10.8% |
| 4 | Communication Services | 10.47% |
| 5 | Healthcare | 9.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
CVS Health
CVS
$119B
| $1.67B | 0.18% |
+20,996,288
| New | +$1.66B |
|
102
Medtronic
MDT
$115B
| $1.65B | 0.18% |
+17,213,042
| New | +$1.67B |
|
103
McKesson
MCK
$104B
| $1.65B | 0.18% |
+2,012,870
| New | +$1.64B |
|
104
Prologis
PLD
$135B
| $1.59B | 0.17% |
+12,448,104
| New | +$1.55B |
|
105
Arista Networks
ANET
$254B
| $1.56B | 0.17% |
+11,894,702
| New | +$1.64B |
|
|
MRSH
106
Marsh
MRSH
$90.7B
| $1.56B | 0.17% |
+8,386,530
| New | +$1.57B |
|
107
CME Group
CME
$101B
| $1.52B | 0.16% |
+5,578,002
| New | +$1.52B |
|
108
Eaton
ETN
$162B
| $1.52B | 0.16% |
+4,781,410
| New | +$1.69B |
|
109
3M
MMM
$92.2B
| $1.52B | 0.16% |
+9,486,659
| New | +$1.55B |
|
110
CRH
CRH
$63.6B
| $1.48B | 0.16% |
+11,834,435
| New | +$1.41B |
|
111
Constellation Energy
CEG
$100B
| $1.46B | 0.16% |
+4,137,620
| New | +$1.5B |
|
112
Newmont
NEM
$139B
| $1.44B | 0.15% |
+14,452,956
| New | +$1.31B |
|
113
Vertex Pharmaceuticals
VRTX
$139B
| $1.44B | 0.15% |
+3,176,613
| New | +$1.37B |
|
114
Invitation Homes
INVH
$17.4B
| $1.44B | 0.15% |
+51,779,482
| New | +$1.45B |
|
115
Intercontinental Exchange
ICE
$90.5B
| $1.42B | 0.15% |
+8,756,655
| New | +$1.37B |
|
116
Palo Alto Networks
PANW
$312B
| $1.42B | 0.15% |
+7,683,841
| New | +$1.55B |
|
|
BNY
117
Bank of New York Mellon
BNY
$110B
| $1.4B | 0.15% |
+12,047,759
| New | +$1.33B |
|
|
AVB
118
DELISTED
AvalonBay Communities
AVB
| $1.39B | 0.15% |
+7,691,993
| New | +$1.4B |
|
119
Scotiabank
BNS
$113B
| $1.37B | 0.15% |
+18,554,149
| New | +$1.26B |
|
120
Agnico Eagle Mines
AEM
$109B
| $1.37B | 0.15% |
+8,065,618
| New | +$1.36B |
|
121
Cadence Design Systems
CDNS
$95.7B
| $1.35B | 0.14% |
+4,328,242
| New | +$1.41B |
|
122
T-Mobile US
TMUS
$191B
| $1.34B | 0.14% |
+6,579,580
| New | +$1.39B |
|
123
Blackstone
BX
$108B
| $1.28B | 0.14% |
+8,276,548
| New | +$1.26B |
|
124
HCA Healthcare
HCA
$90.8B
| $1.26B | 0.14% |
+2,704,265
| New | +$1.26B |
|
125
Apollo Global Management
APO
$78.8B
| $1.26B | 0.13% |
+8,690,124
| New | +$1.15B |
|
Similar funds
Norges Bank's Q4 2025 Portfolio in Review
As of Q4 2025, Norges Bank held 1,577 positions worth $935B. Its ten largest holdings account for 35% of the portfolio.
Norges Bank deployed $925B of net new capital in Q4 2025, opening 1,577 new positions. Its largest new stake was NVIDIA: 333,748,700 shares worth $62.2B.
By sector, the portfolio is most concentrated in Technology at 33% of assets, followed by Financials and Consumer Discretionary.
- Norges Bank's largest Q4 2025 buy was NVIDIA: 333,748,700 shares worth $62.2B.
- Norges Bank's ten largest holdings make up 35% of its $935B portfolio in Q4 2025.
- Norges Bank opened 1,577 new positions and closed 0 in Q4 2025.
Based on Norges Bank's 13F filing for Q4 2025, filed 10 Feb 2026.