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 |
Linde
LIN
|
+$2.66B |
| 2 |
Cigna
CI
|
+$285M |
| 3 |
Boston Properties
BXP
|
+$242M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$242M |
| 5 |
Aptiv
APTV
|
+$240M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$646M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$543M |
| 3 |
PX
Praxair Inc
PX
|
+$305M |
| 4 |
COL
Rockwell Collins
COL
|
+$240M |
| 5 |
ANDV
Andeavor
ANDV
|
+$222M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.08% |
| 2 | Financials | 16.89% |
| 3 | Healthcare | 14.43% |
| 4 | Consumer Discretionary | 11.2% |
| 5 | Communication Services | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
NXGN
1226
DELISTED
NextGen Healthcare, Inc. Common Stock
NXGN
| $25.7M | 0.01% |
1,694,703
| – | – |
|
|
NUAN
1227
DELISTED
Nuance Communications, Inc.
NUAN
| $25.7M | 0.01% |
2,240,895
+915,475
| +69% | +$12.8M |
|
1228
Herbalife
HLF
$1.29B
| $25.7M | 0.01% |
435,168
| – | – |
|
|
CWEN.A
1229
DELISTED
Clearway Energy Class A
CWEN.A
| $25.6M | 0.01% |
1,513,099
| – | – |
|
1230
Conduent
CNDT
$244M
| $25.6M | 0.01% |
2,408,363
| – | – |
|
|
TSRO
1231
DELISTED
TESARO, Inc.
TSRO
| $25.5M | 0.01% |
343,765
| – | – |
|
1232
Empire State Realty Trust
ESRT
$872M
| $25.4M | 0.01% |
1,788,250
+192,579
| +12% | +$3.01M |
|
1233
Pan American Silver
PAAS
$18.2B
| $25.3M | 0.01% |
1,732,670
| – | – |
|
1234
KB Home
KBH
$3.37B
| $25.3M | 0.01% |
1,323,532
-47,801
| -3% | -$981K |
|
1235
Avista
AVA
$3.34B
| $25.3M | 0.01% |
594,809
| – | – |
|
1236
Quaker Houghton
KWR
$2.79B
| $25.2M | 0.01% |
142,072
| – | – |
|
1237
Urban Edge Properties
UE
$2.86B
| $25.2M | 0.01% |
1,515,343
| – | – |
|
1238
Eagle Materials
EXP
$6.29B
| $25.1M | 0.01% |
412,084
| – | – |
|
1239
Signet Jewelers
SIG
$3.61B
| $25.1M | 0.01% |
790,454
+71,243
| +10% | +$3.57M |
|
|
CADE
1240
DELISTED
Cadence Bank
CADE
| $25M | 0.01% |
957,465
+69,396
| +8% | +$2.02M |
|
1241
Acadia Healthcare
ACHC
$2.76B
| $24.9M | 0.01% |
966,829
+111,731
| +13% | +$3.87M |
|
1242
Plexus
PLXS
$6.72B
| $24.9M | 0.01% |
486,543
-16,772
| -3% | -$945K |
|
|
SYNH
1243
DELISTED
Syneos Health, Inc. Class A Common Stock
SYNH
| $24.9M | 0.01% |
631,518
+20,842
| +3% | +$968K |
|
|
RAVN
1244
DELISTED
Raven Industries Inc
RAVN
| $24.8M | 0.01% |
686,422
| – | – |
|
1245
Valmont Industries
VMI
$9.3B
| $24.8M | 0.01% |
223,689
-7,172
| -3% | -$894K |
|
|
DCH
1246
Dauch Corp
DCH
$1.34B
| $24.8M | 0.01% |
2,233,399
| – | – |
|
1247
Silgan Holdings
SLGN
$4.23B
| $24.8M | 0.01% |
1,048,575
-39,651
| -4% | -$998K |
|
1248
Sanmina
SANM
$9.95B
| $24.7M | 0.01% |
1,027,638
+76,029
| +8% | +$1.91M |
|
1249
Supernus Pharmaceuticals
SUPN
$2.59B
| $24.7M | 0.01% |
743,845
| – | – |
|
|
BID
1250
DELISTED
Sotheby's
BID
| $24.7M | 0.01% |
621,801
+24,437
| +4% | +$997K |
|
Similar funds
Norges Bank's Q4 2018 Portfolio in Review
As of Q4 2018, Norges Bank held 2,178 positions worth $269B, down 13% from $308B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.1%. Norges Bank opened 36 new positions and exited 54, leaving the 2,178-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 17% of assets, down from 18% a quarter earlier, followed by Financials and Healthcare.
- Norges Bank's largest Q4 2018 buy was Linde: 16,803,065 shares worth $2.62B.
- Norges Bank added most to Cigna in Q4 2018, an estimated $285M increase.
- Norges Bank's biggest Q4 2018 reduction was Boston Scientific, cutting an estimated $168M.
- Norges Bank fully exited Aetna Inc in Q4 2018, selling an estimated $646M.
- Norges Bank's ten largest holdings make up 16% of its $269B portfolio in Q4 2018.
- Norges Bank opened 36 new positions and closed 54 in Q4 2018.
- Norges Bank's portfolio value fell 13% quarter-over-quarter to $269B.
Based on Norges Bank's 13F filing for Q4 2018, filed 8 Feb 2019.